Aegon (AGN) Sells 50% Steak in Liberbank JV to Unicaja for EUR 177M

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Aegon sells 50% stake in Spanish joint venture with Liberbank to Unicaja

May 23, 2022 11:45 AM EDT

The Hague, May 23, 2022 - Aegon announces today it has decided to sell its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. The sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021. The gross proceeds of the transaction amount to EUR 177 million, representing 22 times 2021 operating result after tax of Aegons 50% stake in the joint venture. Aegon Spain intends to upstream the net proceeds to the Group.

Aegons insurance joint venture with Liberbank dates back to 2008 when Aegon established a joint venture in Spain with Caja Cantabria, which was... More