Aegon will sell its Transamerica Reinsurance business to French reinsurer, Scor, The Wall Street Journal reports. The Dutch life insurer and pensions firm will raise $900 million from the sale of the business.
Aegon is seeking to use the proceeds from sale to repay the remaining $1.1 billion it owes to the Dutch government before July this year. Paris-based Scor will fund the acquisition from its own funds and a potential hybrid debt issue of about $293.4 million.
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