Allen & Overy has advised Aegon on the divestment of its insurance businesses in the Czech Republic and Slovakia for EUR 155 million to the NN Group. The buyer was advised by Kinstellar.
Aegon’s businesses in the Czech Republic and Slovakia predominantly provides unit-linked products, in addition to offering term life products and a wide range of riders, as well as pension services in Slovakia.
The transaction is subject to customary regulatory approvals as well as merger clearance, and is expected to close in the first quarter of 2019.
The Allen & Overy team was led by Partner Prokop Verner, assisted by Associate Jakub Cech and Junior Lawyer Tomas Kirner on regulatory matters. Partner Martin Magal and Senior Associate Tomas Bury advised on the Slovak aspects of the transaction, with Senior Associate Peter Jedinak providing specialist regulatory advice, while tax advisor Michal Dusek advised on the transactional tax aspects of the disposal. English law advice was provided by A&O Consultant Hugh Owen.
Kinstellar's Prague-based team was led by Counsel Karla Rundtova and Partner Lukas Sevcik. Other key members of the Czech team were Counsels Martina Brezinova and Tomas Cihula and Senior Associates Tereza Naucova and Pavla Krskova. The Slovak team included Partners Adam Hodon and Roman Oleksik, Senior Associate Dominika Bajzathova, and Associate Marko Ernek. Partner Kvetoslav Krejci supported the team in relation to English law aspects of the transaction.
