Ageas UK In Exclusive Negotiations Over 20-Year Partnership With Saga Services Limited
Oct 11 (Reuters) -Ageas SA AGES.BR:
ANNOUNCES EXCLUSIVE NEGOTIATIONS TO STRENGTHEN ITS PARTNERSHIP WITH UK OVER 50S SPECIALIST SAGA
AGEAS WOULD ALSO ACQUIRE SAGA'S INSURANCE UNDERWRITING BUSINESS, AICL
20-YEAR PARTNERSHIP
AGEAS UK WOULD ENTER INTO A 20-YEAR AFFINITY PARTNERSHIP WITH SSL, SAGA’S INSURANCE BROKING BUSINESS
PROPOSED TRANSACTION REPRESENTS A TOTAL CASH PAYMENT OF GBP 147.5 MILLION
BASED ON INITIAL CONSIDERATION AND INCLUDING CAPITAL SYNERGIES, ESTIMATED IMPACT ON AGEAS GROUP SOLVENCY IS - 5%
PROPOSED TRANSACTION WILL NOT AFFECT THE GROUP’S CURRENT SHARE BUYBACK PROGRAMME
AGEAS UK WOULD ACQUIRE AICL FOR A TOTAL CONSIDERATION OF GBP 67.5 MILLION
COMPLETION OF THE AICL TRANSACTION IS TARGETED IN Q2 2025
POTENTIAL ADDITIONAL CONTINGENT CONSIDERATION OF UP TO GBP 60 MILLION
AFFINITY PARTNERSHIP WOULD BE FOR A 20-YEAR TERM, WITH AMBITION TO 'GO LIVE' BY END OF 2025
AGEAS UK WOULD PAY SAGA AN UPFRONT CONSIDERATION OF GBP 80 MILLION PAYABLE
SAGA MAY RECEIVE CONTINGENT CONSIDERATION OF UP TO GBP 30 MILLION IN 2026 AND UP TO GBP 30 MILLION IN 2032
UPFRONT CONSIDERATION PAYABLE AT OR AROUND THE ‘GO LIVE’ DATE
Source text for Workspace: ID:nGNE751fZ3
Further company coverage: AGES.BR
(Gdansk Newsroom)
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