AGS PlayAGS Inc

Today Ageas announces it has reached an agreement with BNP Paribas Cardif to sell its 33% share in the share capital of Cardif Lux Vie S.A. (CLV), for a total cash consideration of EUR 152 million, as well as the repayment to Ageas of EUR 30 million for subordinated loans.

The divestment of its minority stake in CLV is in line with Ageas's strategy to concentrate its efforts on further developing businesses where it holds stronger positions or in growth markets. The sale also offers an opportunity to crystallise the value that has been created over the past years.

In 2011, BNP Paribas Cardif, Ageas and BGL BNP Paribas merged their existing Life insurance operations to create the joint-venture Cardif Lux Vie that mainly focuses on international wealth management business. As a result of the merger, Ageas became a 33% shareholder, where the other 66% of CLV's shares are held by BNP Paribas Cardif and BGL BNP Paribas.

The transaction, which is subject to regulatory approval, is expected to close at the latest during the first quarter of 2019.

The divestment is expected to generate a capital gain of EUR 39 million. It is estimated that the transaction will also have a positive impact on the Group Solvency II_ageas ratio of approximately 7%, based on the position as at the end of June 2018.

Commenting on the transaction, Bart De Smet, CEO of Ageas, says: "I would like to take this opportunity to thank the management team and staff of CLV, as well as our joint-venture partners for the excellent cooperation over the past 7 years."

Ageas is a listed international insurance Group with a heritage spanning 190 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 50,000 people and reported annual inflows close to EUR 34 billion in 2017 (all figures at 100%).

PlayAGS (NYSE:AGS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

PlayAGS (NYSE:AGS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024