Gránit Insurance Ltd., the insurance unit of listed Hungarian haulier Waberer's International, will boost its stakes in the Magyar Posta life and general insurance businesses to 100%, Waberer's Group said in an announcement on the Budapest Stock Exchange late Thursday.
Gránit Insurance closed the acquisition of a 66.9% stake in the state-owned businesses a year earlier. Under a framework agreement, it will buy out the minority stake in the companies when an option period opens on November 30, at the same price it paid for the majority stake.
Gránit Insurance Ltd. will finance the purchase from its own resources.
The deal is subject to regulatory approval.
Zsolt Barna, Chairman & CEO of Waberer’s commented that "the insurance companies we acquired a year ago have performed even better than we expected, and we have successfully realized the synergy opportunities planned for this year. Based on this, we decided to acquire a 100% ownership stake in Hungarian Post Insurance Ltd., which provides non-life insurance products. Full ownership will enable us to fully capitalize the synergies achievable with Gránit Insurance Ltd., which also offers non-life insurance products."
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