Meiji Yasuda Life Insurance Co. said Thursday it and its German partner insurer, Talanx AG, will acquire Polish insurer Europa Group under an accord with its parent, Getin Holding S.A., through a public tender offer launched Wednesday in Warsaw.
The acquisition is expected to be completed in the second quarter of next year and cost up to ¥35 billion, of which Meiji Yasuda plans to shoulder some ¥14 billion to hold a roughly 30 percent stake in the Polish insurer. Talanx's group company will buy a majority stake, it said.
Meiji Yasuda said it will be the first Japanese insurer to enter the Polish market, which is expected to expand.
Europa Group, comprising TU na Zycie Europa S.A. for life insurance and TU Europa S.A. for nonlife insurance, markets insurance products mainly through banking subsidiaries of Getin.
The third-largest Polish insurer accounts for 13 percent of the Polish life insurance market and 2 percent of the country's nonlife insurance market.