07/31/2020 | Press release | Distributed by Public on 07/31/2020 01:18
An important milestone in UNIQA's intended purchase of the French AXA Group subsidiaries in Poland, the Czech Republic and Slovakia has been reached: the EU Commission has not identified any conflicts in relation to competition law and has approved the proposed acquisition without any conditions.
'The intended acquisition is proceeding according to plan. Following the successful completion of the financing, the approval of the EU Commission brings us one step closer towards closing this transaction, which is very important for the entire UNIQA Group', commented Andreas Brandstetter, UNIQA CEO. The acquisition was financed at the beginning of July 2020 through a variety of financial instruments, including a senior bond with a volume of €600 million.
Pending regulatory approvals in the countries concerned, the full completion of the transaction (closing) is currently expected in the fourth quarter of 2020. If the acquisition is successful, UNIQA will grow by around five million customers, 2,100 employees and €800 million in annual premiums, and will thus improve its market position from number seven to number five in Central and Eastern Europe.
The UNIQA Group is one of the leading insurance groups in its two core markets of Austria and Central and Eastern Europe (CEE). Around 19,200 employees and exclusive sales partners serve 10.5 million customers in 16 countries. In Austria, UNIQA is the second largest insurance group with a market share of around 21.4 per cent. In the CEE growth region, UNIQA is at home in 15 markets: Albania, Bosnia and Herzegovina, Bulgaria, Kosovo, Croatia, Montenegro, Northern Macedonia, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, the Ukraine and Hungary.