Allianz agrees to acquire minority interests in Irish subsidiary
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Allianz has agreed to acquire the remaining 33.5 percent stake in Allianz - Irish Life Holdings plc (“AILH”) not already owned by Allianz Group.
Munich, Feb 02, 2017
Allianz aims to increase its stake in AILH from 66.5 percent currently to 100 percent. The total consideration for AILH minority interests is approximately 160 million euros or 20.68 euros in cash per share.
AILH is the holding company for Allianz Ireland, the second-largest property and casualty insurance company in Ireland by premiums.
The acquisition is being implemented by means of a scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland and is subject to AILH shareholder approval and sanctioning by the Irish High Court.
Canada Life is the largest minority shareholder in AILH with a 30.4 percent stake, with other shareholders owning 3.1 percent. The transaction is supported by Canada Life.
This announcement and the information it contains are not being issued and may not be distributed in the United States of America. This announcement does not constitute an offer of securities for sale in the United States of America or to, or for the account or benefit of, any U.S. person or in any other jurisdiction. The securities referred to in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States of America or any other jurisdiction absent registration or an applicable exemption from registration.
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