Slaughter and May is advising Ageas (UK) Limited on the sale of its 50.1% stake in Tesco Underwriting Limited to Tesco Personal Finance Plc

Slaughter and May is advising Ageas (UK) Limited on the sale of its 50.1% stake in Tesco Underwriting Limited to Tesco Personal Finance Plc for a total consideration of £104 million plus Ageas’ share of any change in net asset value realised by Tesco Underwriting from 30 June 2020 until closing. Ageas will also receive a reimbursement of an internal loan for an amount of £21 million. Tesco Underwriting Limited, which underwrites car and home insurance policies, was established as a joint venture between Ageas (UK) Limited and Tesco Personal Finance Plc in 2010. The transaction is expected to close in the second quarter of 2021, subject to regulatory conditions being satisfied.