Ageas UK sells stake in Tesco Underwriting for £125m


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.

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

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