Vienna Insurance Group AG agreed to share ownership of its Hungarian operations with a state investment fund after months of negotiations, in order to salvage an 830 million-euro ($941 million) deal to buy regional assets from Aegon NV.
The insurer will allow state-owned Corvinus Nemzetkozi Befektetesi Zrt. to buy a 45% stake in both VIG’s existing Hungarian subsidiary and the local Aegon units, according to the resolution announced late Wednesday. The Austrian parent company will keep a controlling interest and management rights.
