NN Group to Acquire MetLife's Poland and Greek Businesses for EUR584 Million
05 Julio 2021 - 4:40AM
Noticias Dow Jones
By Joe Hoppe
NN Group NV said Monday that it will acquire MetLife Inc.'s
businesses in Poland and Greece for a total consideration of around
584 million euros ($692.9 million).
The Dutch insurance and asset-management company said the
closing of the acquisitions, conditional on obtaining regulatory
and competition clearances, is expected in the first half of
2022.
NN said the acquisitions will almost double its existing
customer base in Poland and Greece, and it expects to welcome
around 2.7 million new customers.
The company said the acquisition will create synergies and lead
to an incremental operating capital generation of EUR50 million a
year by 2024, partially excluding cost synergies. A double-digit
return on investments is expected.
"The acquisition will add scale, provide growth opportunities
and drive diversification in life and protection in markets with
low insurance penetration rates," Chief Executive David Knibbe
said.
The company's dividend policy and share buyback program won't be
affected.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 05, 2021 05:40 ET (09:40 GMT)
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