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February 22, 2022

EU orders Hungary to withdraw veto over VIG- Aegon deal

The European Commission (EU) has stated that Hungary’s decision to veto the Vienna Insurance Group ‘s (VIG) acquisition of the Hungarian unit of AEGON violates Article 21 of the EU Merger Regulation (EUMR).

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Hungary has been ordered by the EU authorities to withdraw its veto by 18 March 2022.

“If Hungary fails to implement the decision, the Commission may decide to launch an infringement procedure before the Court of Justice,” the commission said in a statement.

In November 2020, Aegon agreed to sell its Central and Eastern European business for €830m to Vienna Insurance Group (VIG).

This agreement covers the insurer’s insurance, pension and asset management business in Hungary, Poland, Romania and Turkey.

Last week, VIG reached an agreement with Hungarian state holding firm Corvinus.

The deal will see Corvinus acquire a 45% stake in the Hungarian VIG companies for €350m.

The Hungarian VIG companies will be controlled by the Hungarian VIG holding company along with Dutch holding firms – Aegon Hungary Holding B.V. and Aegon Hungary Holding II B.V.

Corvinus will have a 45% non-controlling interest in each of these holding firms, while VIG will have a 55% majority stake. 

In September 2021, Budapest Metropolitan Court ruled against VIG’s acquisition of Aegon’s Hungarian operations.

Notably, the EU had cleared the deal in August last year; however, the Hungarian authorities have argued that the acquisition threatened the country’s interests.

Free Report
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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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