KBC Group agrees to acquire NN's Bulgarian pension, life insurance businesses

Deals

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Belgium-based financial group KBC said in a press release on Thursday, that it has reached an agreement with Dutch-based NN Group for the acquisition of NN's pension and life insurance business in Bulgaria for a total consideration of EUR 77.7 million.

KBC Group will acquire all shares in NN Pension Insurance Company and all the assets and liabilities of NN Insurance Co, according to the statement. The deal is expected to be finalized this year following receival of all necessary regulatory approvals. The deal is in line with the strategy of the KBC group, which focuses on retail customers, small and medium sized enterprises and midcaps in its core markets.

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