Vienna Insurance Group AG (WBAG:VIG) signed the share purchase agreement to acquire Insurance, pension and asset management business from Aegon N.V. (ENXTAM:AGN) for €830 million on November 29, 2020. VIG will take over Aegon’s non-life and life insurance companies as well as pension funds, asset management and service companies in Hungary, Poland, Romania and Turkey. The transaction proceeds represent a multiple of 2.6 times the book value on June 30, 2020. The total net underlying earnings of Aegon’s businesses imply a transaction multiple of 15 times net underlying earnings. In 2019, Insurance, pension and asset management business of Aegon N.V. has net profit of approximately €50 million. The transaction is subject to the necessary regulatory and competition approvals. As of April 6, 2021, Hungarian Ministry of the Interior rejected the transaction. As of July 16, 2021 Vienna Insurance Group AG has submitted the purchase of the insurance business of Dutch peer Aegon NV in countries in Central and Eastern Europe with the European Commission (EC) for approval. The Commission has set August 20 as a provisional deadline to decide whether to approve the deal or launch an in-depth review. As of filling on August 12, 2021, the European Commission has decided to grant the competition law clearance for the acquisition of Aegon's businesses. As of filling on August 12, 2021 Vienna already obtained the approval of the Turkish competition authority. Vienna Insurance Group in the process of obtaining all approvals from the relevant national authorities. As of September 21, 2021 Budapest Metropolitan Court has rejected the joint appeal challenging the Hungarian Ministry of the Interior’s decision to block Vienna Insurance Group AG (WBAG:VIG) acquisition of Aegon N.V. (ENXTAM:AGN) business. The parties of the transaction will appeal against it before the Hungarian Supreme Court within the next 30 days. As of filling on November 12, 2021 European Commission announced on October 29, 2021 to open an investigation to assess whether the decision by Hungary to veto the acquisition of Aegon’s Hungarian subsidiaries by VIG constitutes a breach of the European Union Merger Regulation. Irrespective of these developments, VIG is continuing its constructive dialogue with the Hungarian Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition. As of January 21, 2022 The European Commission said, Hungary has violated EU laws when it blocked the purchase of the local insurance business of Dutch insurer Aegon NV (AMS:AGN) by Vienna Insurance Group AG (VIE:VIG). Closing of the transaction is expected to take place in the second half of 2021. The proceeds will be up streamed to Aegon's and increase Aegon's financial flexibility to execute on its strategic priorities, including deleveraging. Hungarian authorities approved the transaction. As of March 23, 2022 Vienna Insurance Group AG completed the acquisition of Hungarian businesses of Aegon. As of April 21, 2022, Vienna Insurance Group AG completed the acquisition of Aegon Türkiye. All approvals for the acquisition of Aegon's remaining CEE business with companies in Poland, Romania and Turkey have been applied for. The approval of the local authorities is still pending. As of June 1, 2023, Vienna group completed the acquisition of Poland and Romania business from Aegon.

JPMorgan Chase & Co. acted as a financial advisor to Aegon N.V. The Austrian branch of HSBC Holdings plc acted as financial advisor to Vienna Insurance Group AG. Ernst & Young Transaction Advisory Services B.V. acted as a financial advisor to Aegon N.V. Horst Ebhardt, Markus Bruckmüller, Hartwig Kienast, Robert Wagner, Christine Siegl, Janos Toth, Melinda Pelikan, Barnabas Buzasi, Jacek Michalski, Maciej Olszewski, Ileana Glodeanu, Anca Jurcovan, Adelina Iftime-Blagean, Mircea Ciocirlea, Flaviu Nanu, Jaap Stoop, Joost Kloosterman, Larissa Silverentand, Roderick Watson, Pieternel Verhoeven-van den Brink, Togan Turan and Nazli Bezirci of Wolf Theiss acted as legal advisor to Vienna Insurance. Tomasz Ochrymowicz, Marcin Piskorski, Zsolt Vajda, Ionut Vasilescu and Radu Dumitrescu of Deloitte acted as financial, tax and due diligence provider to Vienna Insurance. Nazli Bezirci, Togan Turan of Paksoy acted as legal advisor to Vienna Insurance. Brechje van der Velden, Katinka Middelkoop, Tim Stevens, Yvo de Vries, Rens Bondrager, Tjarda van der Vijver of Allen & Overy acted as legal advisor to Aegon. Katinka Middelkoop, Mihai Ristici and Roxana Ionescu of RTPR acted as legal advisor to Aegon.

Vienna Insurance Group AG (WBAG:VIG) acquired Insurance, pension and asset management business from Aegon N.V. (ENXTAM:AGN) on June 1, 2023.