Insurance giant Allianz is set to take full ownership of its subsidiary in Ireland after agreeing to purchase outstanding shares.
Allianz has agreed to acquire the remaining 33.5% stake in Allianz-Irish Life Holdings plc (AILH) for €160 million (£137.4 million).
AILH is the holding company for Allianz Ireland, the country’s second-largest property and casualty insurance company by premiums.
The transaction is supported by Canada Life, the largest minority shareholder in AILH with a 30.4% stake. Other shareholders own 3.1%.
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The acquisition will be subject to shareholder approval and sanction by the Irish High Court.
According to a report by the
Irish Independent, Allianz has been the majority AILH shareholder since it purchased the two-thirds stake in AGF Irish Life back in 1998.
The publication reported that based on latest accounts, AILH paid shareholders €40 million in dividends in January 2016.
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