Allianz SE today announced it is entering into certain Share Purchase Agreements (“SPAs”) to acquire 72 percent of European Reliance General Insurance Company SA (“European Reliance”), a leading Greek insurer with 223 million euros in gross written premiums (GWP), with a network of 110 retail offices and 5,667 agents. The transaction is the continuation of Allianz Group’s stated strategy to grow its franchise by leveraging its scale and expertise.
Allianz will pay 7.80 euros per share1 or approximately 207 million euros to acquire all the outstanding shares of European Reliance via the SPAs and a combined Voluntary Tender Offer (VTO).
Following the approval by the Bank of Greece, the Hellenic Competition Commission and the Hellenic Capital Market Commission, Allianz intends to publish the approved Information Circular and proceed with the VTO for the shares in European Reliance at the same price. The shareholders can then tender their shares within the VTO acceptance period.