Wolf Theiss has advised the Vienna Insurance Group on the increase of its stake in Hungarian holding company VIG Magyarorszag from 55% to 90%, by acquiring the extra stake from Hungarian state holding company Corvinus. PK & Partners reportedly advised Corvinus.
The transaction remains contingent on regulatory approval.
According to Wolf Theiss, the “Vienna Insurance Group acquired the Hungarian companies owned by the Dutch group Aegon. The holding company VIG Magyarorszag Befektetesi was then established to manage the Hungarian VIG companies, in which Corvinus International Investments, an investment management company of the Hungarian state, holds a 45% stake. Once the transaction is completed, VIG’s stake in the Holding will increase from 55 to 90%. Corvinus will continue to keep a 10% stake in the Hungarian holding company.”
The Wolf Theiss team included Partners Horst Ebhardt and Janos Toth, Counsel Melinda Pelikan, Senior Associate Lukas Ploesch, and Associates Kinga Kajcsos and Laszlo Lovas.