Abu Dhabi National Insurance Company PJSC (ADX : ADNIC) entered into a binding transaction to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (SASE : 8040) from Allianz Europe B.V., Allianz France SA and Allianz MENA Holding Bermuda Limited for approximately $130 million.

Abu Dhabi National Insurance Company PJSC (ADX : ADNIC) entered into a binding transaction to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (SASE : 8040) from Allianz Europe B.V., Allianz France SA and Allianz MENA Holding Bermuda Limited for approximately $130 million on September 27, 2023. Upon completion of the overall transaction, ADNIC will directly own 51% of the share capital of the Allianz Saudi Fransi Cooperative and Allianz will cease to hold, directly or indirectly, any shares in it. As a part of the transaction, employees and the customers of AzSF will not be affected.

The Allianz group's solvency capitalization and cash position is not affected. The ADNIC intends to fund the acquisition through internal cash resources. Completion of the overall transaction is subject to certain conditions and regulatory approvals.

The transaction is expected to be completed in in early 2024. HSBC acted as Sole Financial Adviser to Allianz SE.