NKSJ Holdings has signed an agreement with Fiba Holding Anonim Sirketi and its affiliates to acquire, through NKSJ’s subsidiary, Sompo Japan Insurance, 93.36% of the common shares in Fiba Sigorta Anonim Sirketi (hereinafter 'Fiba Sigorta'), a Turkish non-life insurance company.
According to NKSJ, Sompo Japan will also purchase all or any of the remaining 6.64% common shares in Fiba Sigorta if so requested by relevant shareholders, who are Fiba Sigorta’s current and former directors and employees.
The company said that it expects the transaction to expand its business in Turkish non-life insurance market and provide a platform for further business enhancements in the region.
In addition, if Sompo Japan acquires 100% of issued and outstanding Fiba Sigorta common shares, then the total purchase price would be TRY485m, which will be funded by the cash reserves of Sompo Japan.
The company is expected to complete the acquisition of Fiba Sigorta shares by October 2010.