31.07.2020 |

EU Commission approves UNIQA’s acquisition of AXA in Poland, the Czech Republic and Slovakia

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  • Proposed acquisition has been approved without conditions by the EU Commission
  • Important milestone on the way to transaction closing

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An important milestone in UNIQA's intended purchase of the French AXA Group subsidiaries in Poland, the Czech Republic and Slovakia has been reached: the EU Commission has not identified any conflicts in relation to competition law and has approved the proposed acquisition without any conditions.

“The intended acquisition is proceeding according to plan. Following the successful completion of the financing, the approval of the EU Commission brings us one step closer towards closing this transaction, which is very important for the entire UNIQA Group”, commented Andreas Brandstetter, UNIQA CEO. The financing of the acquisition was secured at the beginning of July 2020 by a senior bond with a volume of €600 million.

Pending regulatory approvals in the countries concerned, the full completion of the transaction (closing) is currently expected in the fourth quarter of 2020. If the acquisition is successful, UNIQA will grow by around five million customers, 2,100 employees and €800 million in annual premiums, and will thus improve its market position from number seven to number five in Central and Eastern Europe. 


 

 

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UNIQA Group
The UNIQA Group is one of the leading insurance companies in its core markets of Austria and Central and Eastern Europe (CEE). More than 21,000 employees and exclusive sales partners serve more than 17 million customers across 17 countries. UNIQA is the second largest insurance group in Austria with a market share of about 21 per cent. In the CEE growth region, UNIQA is present in 14 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia and Ukraine. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group.

 

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