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PPF Investments takes over Romanian insurance company Ardaf

PPF Investments Ltd., a Jersey-registered private equity investor, took over Romanian insurer S.C. Asigurare Reasigurare Ardaf SA.

Sabile Limited, a Cyprus-based unit of PPF Investments, bought more than 900 million shares, boosting its stake to 71%, PPF Investments said in an e-mailed statement yesterday without specifying how much it paid. The transaction is subject to approval by Romanian antitrust authorities, the company said. PPF Investments will „support the restructuring of the company and contribute to its growth in both life and non-life products,” Ardaf Chief Executive Officer Daniel George Tudor said in the statement. „Our goal now is to become one of the top five insurance companies in Romania this year.'' (Bloomberg)