Vienna Insurance Group (VIG) and the Hungarian state holding company Corvinus have reached a cooperation agreement in Hungary, under which Corvinus will take a 45% stake in the Hungarian VIG companies.

Corvinus will purchase the stake for a consideration of €350m. 

The Hungarian VIG companies will be held via the Hungarian VIG holding company along with two Dutch holding companies – 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. 

In a statement, Aegon said: “98.64% of the shares of UNION Vienna Insurance Group Biztosito Zrt. will be contributed to the Hungarian VIG holding company. The two Dutch Aegon holding companies hold 100% of the shares in the Hungarian Aegon companies (insurance, asset management, pension fund and service companies).”

VIG will continue to have a 55% majority stake in these three holding firms.

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Going forward, these holding firms will be combined, with the Hungarian VIG holding company becoming the central steering unit.

The deal will be finalized upon the completion of the Aegon transaction, and regulatory and competition nod.

Aegon said that it has taken note of the VIG announcement.

In November last year, VIG agreed to buy Aegon’s Central and Eastern European operations.

Valued at €830m, the transaction includes Aegon’s insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey.

Last year, Budapest Metropolitan Court turned down VIG’s appeal against Hungarian veto on the Aegon deal.