UNIQA’S EUR 1 Billion Acquisition of AXA Subsidiaries
UNIQA had purchased AXA subsidiaries in Poland, Czech Republic and Slovakia growth markets.
This acquisition results in 5 million new customers and €800 million in additional premiums. The deal closed at an approximate €1 billion.
UNIQA CEO Andreas Brandstetter said: “We have been aware of the AXA companies for a long time; they are an excellent fit with our long-term strategy. Their strong focus on profitable retail business and balanced product mix complement[s] our existing business and make us the number five in the growing Central and Eastern Europe region.”
Schoenherr and Hugh Owen – who advised specifically on the English law aspects of the deal- of Go2Law, advised UNIQA on its acquisition of AXA subsidiaries. Hugh commented: “I was very impressed by the efficiency of the negotiations on the deal and the sensible, no-nonsense discussions.”
Clifford Chance advised AXA on the transaction, which remains subject to regulatory approvals.