By Joe Hoppe
NN Group NV said Monday that it will acquire MetLife Inc.'s businesses in Poland and Greece for a total consideration of around 584 million euros ($692.9 million).
The Dutch insurance and asset-management company said the closing of the acquisitions, conditional on obtaining regulatory and competition clearances, is expected in the first half of 2022.
NN said the acquisitions will almost double its existing customer base in Poland and Greece, and it expects to welcome around 2.7 million new customers.
The company said the acquisition will create synergies and lead to an incremental operating capital generation of EUR50 million a year by 2024, partially excluding cost synergies. A double-digit return on investments is expected.
"The acquisition will add scale, provide growth opportunities and drive diversification in life and protection in markets with low insurance penetration rates," Chief Executive David Knibbe said.
The company's dividend policy and share buyback program won't be affected.
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(END) Dow Jones Newswires