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Romanian businessman sells 30.5% of insurer Asirom for €46.8 million

Romanian businessman Ioan Niculae sold on the Deal segment of the Rasdaq market a stake of 30,5% of Romanian insurer Asirom to Austrian company Vienna Insurance Group on Tuesday. The total value of the transaction was €46.8 million ($64.6 million).

The shares at the transaction were sold at 0.75 lei each, 25% less than the Monday quotation. The deal included a provision by which the Austrian company would not have control over the company, but would be involved in its development, Niculae said, quoted by Romanian news agency NewsIn.
Asirom is valued on the market at €153 million ($211.4 million). Last year, the profit of the company amounted to 14 million lei and the total loses were 36 million lei. In Romania, Vienna Insurance Group controls Omniasig, where it holds 97,78%, and Unita with 99,99%. (hotnews.ro)