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Aegon Combines Its Dutch Ops With ASR, Creating Leading Position In Dutch Pension Market

  • Aegon NV (NYSE: AEG) said a smaller rival, ASR, would buy the company's Dutch insurance operations.

  • Aegon will receive €2.5 billion in gross cash proceeds and a 29.99% strategic stake in ASR with associated governance rights.

  • The value of the 29.99% stake is €2.4 billion.

  • The combination will result in a well-diversified solid Dutch insurance company.

  • The companies said the combined company would be the largest in the Dutch disability insurance sector and the number three in property and casualty insurance, as well as taking a "leading" position in pensions.

  • The companies expect the deal to close in the second half of 2023.

  • The transaction enables Aegon to accelerate its strategy of releasing capital from mature businesses and to become a leader in markets where Aegon is well-positioned for growth.

  • Progress on its transformation allows Aegon to increase its 2023 dividend per share target from around €0.25 to around €0.30

  • Price Action: AEG shares are up 6.71% at $4.61 during the premarket session on the last check Thursday.

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