The Navigators Group, Inc. completed the acquisition of ASCO Continentale Verzekeringen NV and Bracht, Deckers & Mackelbert NV from Ackermans & Van Haaren NV, Société Internationale de Plantations et de Finance, Jozef Gielen and Kapimar.
June 06, 2018
Share
The Navigators Group, Inc. (NasdaqGS:NAVG) entered into a share purchase agreement to acquire ASCO Continentale Verzekeringen NV and Bracht, Deckers & Mackelbert NV from Ackermans & Van Haaren NV (ENXTBR:ACKB), Société Internationale de Plantations et de Finance (ENXTBR:SIP), Jozef Gielen and Kapimar for €35 million on December 15, 2017. Under the terms of the transaction, the consideration will be paid in cash. Ackermans and SIPEF have each granted 15 options to Jozef Gielen and his spouse whereby each option allows acquiring from Ackermans and SIPEF one share in Bracht and having each granted 97 options to Jozef Gielen whereby each option allows Jozef Gielen to acquire from Ackermans and SIPEF one share in ASCO. Jozef Gielen and his spouse have decided and hereby undertake to exercise their options before closing and to subsequently sell the shares to The Navigators Group on the closing date. In case of termination, if Navigators Group is the defaulting party, it shall pay an aggregate amount of €5 million and if a seller is the defaulting party, such seller shall pay an aggregate amount of €10 million.
Upon completion, the European underwriting operations of Navigators will be combined with Bracht, Deckers & Mackelbert with Antwerp serving as the hub. The transaction is subject to the approval of the supervising authorities, including the National Bank of Belgium and from the Luxemburg Insurance Commission. As of June 7, 2018, all conditions to the closing of the acquisition are satisfied, including receipt of necessary regulatory approvals. Transaction is expected to be closed in the first half of 2018. Dominique Maes of Baker McKenzie CVBA acted as legal advisor to The Navigators Group, Inc. and Bert Van Ingelghem of Argo BCVBA acted as legal advisor to Ackermans and SIPEF. Willem Daris, Jan Peter Kooiman, Bernt Hendriksma, Michael Van Eenoo, Johan Diels and Julien Yee of ING Belgium acted as financial advisor to Ackermans &Van Haaren NV.
The Navigators Group, Inc. (NasdaqGS:NAVG) completed the acquisition of ASCO Continentale Verzekeringen NV and Bracht, Deckers & Mackelbert NV from Ackermans & Van Haaren NV (ENXTBR:ACKB), Société Internationale de Plantations et de Finance (ENXTBR:SIP), Jozef Gielen and Kapimar on June 7, 2018.
SIPEF is a food processing group organized around 5 product families:
- palm oil (94% of sales): 403.9 Kt produced in 2022;
- exotic fruits and plants (4.2%): bananas (32.3 Kt produced), pineapple flowers;
- tea (0.8%);
- rubber (0.7%): 0.7 Kt produced;
- other (0.3%).
At the end of 2022, the group had 81,404 hectares of plantations.
Net sales are distributed geographically as follows: Belgium (2.3%), Indonesia (46.8%), the Netherlands (25.3%), Switzerland (17.3%), Malaysia (2.1%), France (1.9%), the United Kingdom (1.4%), Germany (0.8%) and other (2.1%).
The Navigators Group, Inc. completed the acquisition of ASCO Continentale Verzekeringen NV and Bracht, Deckers & Mackelbert NV from Ackermans & Van Haaren NV, Société Internationale de Plantations et de Finance, Jozef Gielen and Kapimar.
SIPEF 
