Ageas UK sells stake in Tesco Underwriting for £125m

buy-sell-business-generic-1

Ageas UK has sold its 50.1% stake in Tesco Underwriting to Tesco Bank for a total consideration of £104m.

Additionally, Ageas will receive a repayment of an internal loan valued at £21m.

The agreement also includes Ageas’s part of any change in net asset value realised by Tesco Underwriting from 30 June 2020 until the deal closes.

Tesco Bank stated that the acquisition will be funded from its cash reserves.

Change
It said in a statement: “All three parties will work closely to ensure a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: