By Stephen Nakrosis

Uniqa Insurance Group AG said Friday it reached an agreement with AXA and a subsidiary, Societe Beaujon, to acquire AXA subsidiaries in Poland, Slovakia and the Czech Republic.

AXA said under the terms of the deal, it will sell 100% of its Life and Savings, Property and Casualty and Pension businesses in Central and Eastern Europe.

"The acquisition of the companies is in line with Uniqa's strategy of growing further in countries in which it is already present," Uniqa said.

Uniqa said the purchase price would be about EUR1 billion ($1.09 billion). The company said it expects to finance the acquisition through borrowing rather than via a capital increase.

"This transaction marks another step in the simplification of AXA's footprint," AXA Chief Executive Thomas Buberl said. "We are convinced that AXA's operations in Central and Eastern Europe will benefit from UNIQA's strong presence and local expertise in the region to create new growth opportunities with a continued focus on delivering enhanced customer value propositions.

The deal is expected to close by the fourth quarter.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 07, 2020 15:59 ET (20:59 GMT)

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