NewsAllen & Overy advises Aegon on its divestment of insurance businesses in the Czech Republic and Slovakia

Allen & Overy has announced that it has advised Aegon on the divestment of its insurance businesses in the Czech Republic and Slovakia for EUR 155 million to NN Group. Aegon’s businesses in the Czech Republic and Slovakia predominantly provide unit-linked products, in addition to offering term life products and a wide range of riders, as well as pension services in Slovakia.

Prague-based corporate partner Prokop Verner led the Allen & Overy team, assisted by associate Jakub Čech and by junior lawyer Tomáš Kirner on regulatory matters. Partner Martin Magál and senior associate Tomáš Búry advised on the Slovak aspects of the transaction, with senior associate Peter Jedinák providing specialist regulatory advice, while tax advisor Michal Dušek advised on the transactional tax aspects of the disposal. English law advice was provided by A&O Consultant Hugh Owen.

Commenting, Prokop Verner said: “The relationship enjoyed with Aegon, which commenced back in 2005 with our assistance with Aegon’s entry into the Czech insurance market and the establishment and launch of its branch, has been a source of great pleasure to us. We pride ourselves in delivering such high performance multi-jurisdictional advice and enjoy being Aegon’s preferred legal counsel.”

The Allen & Overy team worked closely throughout the transaction with the Aegon team led by Walter Smidts, Vice President Corporate Development, who commented: “I would like to thank the whole A&O team for their excellent contribution to this transaction. Managing a two-country divestment is not an easy task, and having A&O on our side was a clear advantage from day one. ”

The transaction is subject to customary regulatory approvals as well as merger clearance, and is expected to close Q1 2019.