EU Commission approves UNIQA to acquire AXA in Poland, the Czech Republic and Slovakia
An important milestone in UNIQA's intended purchase of the French AXA Group subsidiaries in Poland, the Czech Republic and Slovakia has been reached: the EU Commission has not identified any conflicts in relation to competition law and has approved the proposed acquisition without any conditions.
“The intended acquisition is proceeding according to plan. Following the successful completion of the financing, the approval of the EU Commission brings us one step closer towards closing this transaction, which is very important for the entire UNIQA Group”, commented Andreas Brandstetter, UNIQA CEO. The financing of the acquisition was secured at the beginning of July 2020 by a senior bond with a volume of €600 million.
Pending regulatory approvals in the countries concerned, the full completion of the transaction (closing) is currently expected in the fourth quarter of 2020. If the acquisition is successful, UNIQA will grow by around five million customers, 2,100 employees and €800 million in annual premiums, and will thus improve its market position from number seven to number five in Central and Eastern Europe.