Allianz Europe B.V. signed legally binding agreement to acquire 18.5% stake in Allianz Saudi Fransi Cooperative Insurance Company from Banque Saudi Fransi for SAR 81.4 million.

Allianz Europe B.V. signed legally binding agreement to acquire 18.5% stake in Allianz Saudi Fransi Cooperative Insurance Company (SASE:8040) from Banque Saudi Fransi (SASE:1050) for SAR 81.4 million on October 25, 2017. Under the terms of the transaction, Allianz Europe B.V. will acquire 3.7 million shares of Allianz Saudi Fransi Cooperative Insurance Company at SAR 22 per share. The transaction has received a non-objection letter from Saudi Arabian Monetary Authority (SAMA) and is subject to receiving the required regulatory approvals from the relevant government authorities.

Following the completion of the transaction, Banque Saudi Fransi will hold 14% stake in Allianz Saudi Fransi Cooperative Insurance Company.