Sabancı's New Business Partner Will Be Ageas
Sabancı's new business partner will be Ageas. There is a partnership change in AvivaSA, a subsidiary of Sabancı Holding and Aviva.
Ageas announced that an agreement was made to buy a 40 percent share of Aviva in the Sabancı-Aviva joint venture AvivaSA for £ 122 million. Currently, Aviva and Sabancı
each have 40 percent of AvivaSA. The remaining 20 percent remain open to the public. The announced price corresponds to 8.6 times the 2020 price earning rate.
Ageas, which currently has a partnership with Sabancı
and AKSigorta, stated that it continues to grow in the regions where it operates. Sabancı Holding Financial Services Group President and AvivaSA Chairman Haluk Dinçer, who made a statement regarding the transfer of shares of the agreement expected to be completed this year, said:
"We welcomed Ageas' intention to expand our ongoing successful and stable cooperation in the field of non-life insurance to include the private pension and life insurance market."
Approximately 10 Percent Discount on Transaction
The sale of 40 percent of the company's shares for £ 122 million revealed that the total valuation of the company was around 3 billion TL. Looking at the closing on Tuesday, it was observed that there was approximately a 10 percent discount on the said transaction, considering the market value of the company was TL 3.36 billion.
Source: Bloomberg HT