RSA Insurance Group Plc. (RSANY.PK,RSA.L,RSA) Thursday said it reached an agreement to sell each of Lietuvos Draudimas AB (Lithuania), AAS Balta (Latvia), the business of the Estonian branch of Codan Forsikring A/S, and Link4 Towarzystwo Ubezpieczen Spolka Akcyjna (Poland) to Powszechny Zaklad Ubezpieczen sa.
Assuming the completion of all four transactions, RSA will receive total aggregate consideration of around 360 million euros payable in cash.
The transactions are expected to add around 200 million pounds to the group's tangible net assets, improving its capital strength. Each transaction is expected to complete during the second half of 2014.
Stephen Hester, RSA Group Chief Executive, said, ''These disposals are in line with our stated aim of focusing the Group's geographical spread onto its core businesses in the UK & Ireland, Scandinavia, Canada and Latin America, and represent a good deal for our shareholders, customers and employees.
For comments and feedback contact: editorial@rttnews.com
Business News