Uniqa group (Austrian), Aegon (Dutch) and Groupama (French), one of the biggest players on the financial market in the region, are vying over the acquisition of BT Asigurari, sources close to the deal say.
BT Asigurari, a member of the Banca Transilvania group, was put up for sale several months ago and a number of foreign financial groups have put their names on the list for the acquisition. Eventually, Uniqa, Aegon and Groupama made the shortlist, with the deal to be struck within the next few months.
Consultants for the sale are investment firm Capital Partners, with legal assistance from Musat & Asociatii law firm.
Considering the prices at which deals have been made on the insurance market over the last few years, of about 0.8 euros for one euro of the turnover, BT Asigurari's value stands at somewhere around 70 million euros. The company posted 60 million-euro turnover last year, and set out to achieve 88 million euros in underwritten premiums in 2007.
The Dutch at Aegon could stand the biggest chances of buying BT Asigurari because they are already working with Banca Transilvania on the private pension segment. This year, Aegon and Banca Transilvania set up the BT Aegon joint venture, which manages a mandatory pension fund and intends to enter the voluntary pensions market.
Although Aegon announced it would enter the domestic insurance market via a greenfield investment, the Dutch say they did make an offer to the owner of BT Asigurari.
"We have conducted talks with Banca Transilvania to buy BT Asigurari, we performed a due diligence and made them an offer, but the final decision has not been made yet," Beatrice Tavasze, Aegon Central and Eastern Europe told ZIARUL FINANCIAR.
Aegon operates in 20 countries and manages about 368 billion euros in assets.
Uniqa, which owns 50% in insurance company Astra on the domestic market, performed the due diligence at BT Asigurari two months ago. Contacted by ZF, the Austrians did not comment on this information. When they bought into Astra at the end of 2005, the Austrians said they were interested in further acquisitions on the Romanian market.
Uniqa is one of the biggest groups in the region, with gross underwritten premiums worth more than 2.4 billion euros in the first half, and a pre-tax profit worth 135 million euros.
The French at Groupama have recently tried to enter the insurance market through Asirom, however, Vienna Insurance Group eventually managed to buy 30% in the insurer. Groupama's business stood at 6.8 billion euros in mid this year, and the net profit at 506 million euros.
Contacted by ZF, the deputy general manager of Banca Transilvania, Ionut Patrahau did not comment on the information, but said the bank would issue a press statement on the deal next week.
BT Asigurari, along with Asiban and BCR Asigurari, is one of the three options left to foreign investors that want to enter the insurance market.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
