European Commission Clears Vienna Insurance Acquisition of Aegon’s Businesses

The European Commission has granted competition law clearance for Vienna Insurance Group’s proposed acquisition of Aegon’s businesses in Central and Eastern Europe, according to the insurer.

The acquisition by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) was first announced on November 29, 2020. Aegon agreed to sell its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey to VIG for EUR 830 million ($1 billion).

VIG said it is is continuing the process of obtaining all approvals from the national authorities.

In April, the deal hit an unexpected roadblock when Hungarian officials blocked the sale of Aegon NV’s local unit to VIG. VIG officials told Bloomberg News then that they were in talks with Hungary’s government and trying to salvage the deal. The deal would make VIG the largest insurer in Hungary,

Vienna is already the biggest insurer in its home market of Austria as well as in the Czech Republic and Slovakia, Romania and Bulgaria.