Ageas Insurance International N.V. signed a share purchase agreement to acquire a 40% stake in AvivaSA Emeklilik ve Hayat A.S. (IBSE:AVISA) from Aviva International Holdings Limited for TRY 1.2 billion on February 23, 2021. Consideration will be paid in cash. AvivaSA Emeklilik ve Hayat A.S. will continue its activities as a jointly managed company with 40%-40% shareholding of Haci Ömer Sabanci Holding A.S. and Ageas. As a part of the agreement, the trade name of AvivaSA will be changed, subject to the approval of General Assembly. AvivaSA will be represented by a Board of Directors consisting of 8 members. A total of 3 members will be elected from among candidates nominated by Haci Ömer Sabanci Holding A.S.; whereas, 2 members will be elected from among candidates nominated by Ageas. The General Manager, as appointed by the Board of Directors, will be a regular member of the Board of Directors as per related regulations. Additionally, 2 independent directors will be elected to the Board of Directors pursuant to capital market regulations. The transaction is subject to regulatory approval and other customary closing conditions. Transaction is expected to close in 2021. The impact of the transaction on Ageas group's solvency position at the time of closing is estimated to be around 3% points. Deutsche Nederland N.V. acted as financial advisor to Ageas Insurance International N.V.