Tuesday, April 22, 2008

Koc Holding sells stakes in insurance arms to Allianz.

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Koc Holding sells stakes in insurance arms to Allianz. Local Koc Holding signed an agreement with German Allianz SE to sell out stakes in insurance firms Koc Allianz Sigorta and Koc Allianz Hayat ve Emeklilik. Under the agreement, Koc Holding and related parties will sell their 47.1% stake in non-life insurer Koc Allianz Sigorta for EUR 248mn to Allianz SE. The German company will raise its controlling stake in Koc Allianz Sigorta to 84.2% from 37.1%. Allianz SE will also acquire a 49% stake in life-insurance and pension company Koc Allianz Hayat ve Emeklilik for EUR 125.2mn raising its participation to 87% from 38%. The deal is subject to the approvals of the competition board and the Treasury and sale price will be paid in cash on the day of share transfer. After the deal is closed, Koc Holding will no longer have any involvement in both insurer companies. CEO of Koc Holding, Bulent Bulgurlu, comments that the agreement with Allianz SE is a step towards Koc Holding’s plan to focus on its four core businesses that have the highest share in revenues. The company executive says that the resource generated from recent sell-outs will increase the company’s competitiveness by investing in core business and also will contribute to creating stronger fiscal structures against potential risks.

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Koc Holding sells stakes in insurance arms to Allianz.

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