The FINANCIAL — Allianz and Koç have signed a share purchase agreement regarding the stakes in Koç Allianz Sigorta and Koç Allianz Hayat ve Emeklilik, currently held by Koç Holding AŞ and related parties.
Thereby, Allianz acquires 47.1 percent of shares in the non-life insurer Koç Allianz Sigorta AŞ for 248 million euros. Together with the 37.1 percent already held, Allianz will raise its stake to 84.2 percent. With regard to the life-insurance and pension company Koç Allianz Hayat ve Emeklilik AŞ, the total direct Allianz participation will increase from 38.0 percent to 87.0 percent by paying 125.2 million euros.Long-term commitment to the Turkish market
"The agreement strengthens our long-term commitment to the Turkish market, where we see a high potential for future growth," said Enrico Cucchiani, Board Member of Allianz SE. The Turkish economy is the fifteenth largest in the world with continuously high growth rates in real GDP during the last five years. The country’s population is above 70 million, has a relatively young demographic profile and still low insurance coverage.
"As one of the top players in the Turkish insurance market, Koç Allianz will continue to offer quality products and services to Turkish customers and thereby combine its understanding of the Turkish market with the benefits of an outstanding international insurance expertise," added Cucchiani.Successful cooperation
"The long and successful cooperation of Koç and Allianz has resulted in the current outstanding position of these insurance companies in Turkey," said Bülent Bulgurlu, CEO of Koç Holding. "In line with Koç Group’s strategic decision to focus on a limited number of core sectors, we are happy to transfer our shares to our partner. Koç Group will continue its focused and intensified efforts to become a stronger global player in the selected sectors".
According to Allianz, the closing of the transaction is subject to regulatory and competition board approval.
Koç Holding is the leading conglomerate of Turkey in energy, automotive, consumer durables and finance sectors with total revenues of 29 billion euros in 2007.
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