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February 4, 2013
05:04 EDTAEGAegon ends joint venture with Unimm, sells stake for EUR 353M
Aegon (AEG) has reached an agreement to exit its life, health and pension joint venture with Unnim Banc and sell its 50% stake to Unnim for a total consideration of EUR 353M. The sale is expected to result in a book gain of approximately EUR 105M before tax, and to generate an average annual return of 12% on investment. It is anticipated that the transaction will close during Q2. Aegon's share in underlying earnings before tax of the joint venture totaled EUR 20M in 2012. This anticipated divestment by Aegon is a consequence of the consolidation underway within the Spanish banking sector. Aegon maintains a long-term commitment to Spain and has recently reinforced its market position with an exclusive strategic partnership with Banco Santander to distribute life and general insurance products through its extensive network of 4,600 bank branches. The long-term alliance provides access to a potential client base of 12M individuals across the country.
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