The French financial services major, BNP Paribas, will acquire China's Fosun Group's stake in Belgian insurer Ageas for about €730 million ($777 million), the company said on Sunday.
BNP Paribas noted that the acquisition will be performed in two tranches; 4.8% of the issued shares in the coming days and the balance following the receipt of mandatory regulatory approvals.
In a separate press release, Ageas confirmed that BNP Paribas has signed an agreement with Fosun to acquire an approximately 9% stake in the share capital of Ageas, taking over Fosun's shareholding in the capital of the company.
Ageas and BNP Paribas have been partners for many years via the joint shareholding of Ageas (75%) and BNP Paribas Fortis (25%) in AG Insurance and with BNP Paribas Fortis being a long-standing distribution partner to the Group's Belgian insurance activities, Ageas said.