The Russian company Rosgosstrakh and a consortium of West European investors have reached an agreement on the sale to the consortium of a 100% stake in Ukraine's Providna Insurance Company, the latter company informed.
The parties signed the corresponding agreement on Monday, August 11.
The transaction value was not disclosed in the statement.
Willem Jacob Westerlaken, CEO of the Ukrainian insurance company's acquirer, has been appointed Chairman of the Supervisory Board of Providna Insurance Company.
We are at the final stage of discussing the share acquisition terms," Westerlaken said. "One of the key terms of transaction are investments in the company the consortium will effect by purchasing the newly issued shares. The decision on Providna's follow-on offering will be approved at the insurance company's shareholders' meeting on September 5.
Providna Insurance Company has been active in the insurance market of Ukraine since 1995. The company's regional network consists of 25 branches, 25 customer service centers and more than 350 offices all over Ukraine.