Aegon Combines Its Dutch Ops With ASR, Creating Leading Position In Dutch Pension Market

Aegon NV AEG said a smaller rival, ASR, would buy the company's Dutch insurance operations.
Aegon will receive €2.5 billion in gross cash proceeds and a 29.99% strategic stake in ASR with associated governance rights.
The value of the 29.99% stake is €2.4 billion.
The combination will result in a well-diversified solid Dutch insurance company.
The companies said the combined company would be the largest in the Dutch disability insurance sector and the number three in property and casualty insurance, as well as taking a "leading" position in pensions.
The companies expect the deal to close in the second half of 2023.
The transaction enables Aegon to accelerate its strategy of releasing capital from mature businesses and to become a leader in markets where Aegon is well-positioned for growth.
Progress on its transformation allows Aegon to increase its 2023 dividend per share target from around €0.25 to around €0.30
Price Action: AEG shares are up 6.71% at $4.61 during the premarket session on the last check Thursday.