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The legally binding sale and purchase agreement (SPA) was entered into on Wednesday, September 27, with ADNIC set to acquire the shares for a total price of $133.1 million, equivalent to SAR 499 million. Completion of the overall transaction is subject to certain conditions and regulatory approvals.
Upon finalizing the deal, ADNIC will directly own 51% of the share capital of Allianz SF, while Allianz SE will no longer hold any shares in the company, either directly or indirectly. The change in shareholding is not expected to affect the continuity of the company’s insurance services for its customers and partners in Saudi Arabia, according to a statement by the Saudi-listed insurer.
Allianz Group expects the transaction to close within a few months and stated that neither the group’s solvency nor its cash position will be affected by this deal. Furthermore, employees and customers of Allianz Saudi Fransi will not be impacted by the transaction.
As per data compiled by Argaam, Allianz Europe B.V. holds an 18.50% stake in Allianz SF, while both Allianz France S.A. and Allianz MENA Holding (Bermuda) Limited each have a 16.25% interest in the Saudi insurance firm.
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