Luxembourg-based investment fund Volga Resources SICAV-SIF has agreed to sell a 45.9% stake in the share capital of German insurer SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft (SOVAG) to Russian insurance group, SOGAZ.
The transaction has been approved by the German Federal Financial Supervisory Authority (BaFin).
Volga acquired a 54.1% stake in SOVAG in October 2009. Subsequently, it purchased the remaining stake in the German insurer to give it a 100% holding.
Following the completion of the deal with SOGAZ, Volga’s stake in the share capital of SOVAG will comprise 54.1%.
Volga Resources chairman Chlodwig Reuter said this transaction marks an important and strategic step in the development of SOVAG. SOGAZ’s support will create the necessary platform for further strategic progress and dynamic growth of the company’s business.