공고 • May 19
Vienna Insurance Group AG (WBAG:VIG) completed the acquisition of 99.2% stake in NÜRNBERGER Beteiligungs-AG (XTRA:NBG6) from Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (XTRA:MUV2), Daido Life Insurance Company, Swiss Reinsurance Company Ltd, Techno-Einkauf Verwaltungsgesellschaft mbH and others.
Vienna Insurance Group AG (WBAG:VIG) signed a letter of intent to acquire NÜRNBERGER Beteiligungs-AG (XTRA:NBG6) from Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (XTRA:MUV2), Daido Life Insurance Company, Swiss Reinsurance Company Ltd, Techno-Einkauf Verwaltungsgesellschaft mbH and others for €1.4 billion on August 8, 2025. Vienna Insurance Group AG signed a merger agreement to acquire NÜRNBERGER Beteiligungs-AG on October 16, 2025. VIG is offering NÜRNBERGER shareholders €120 per share in cash. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts, Daido Life Insurance Company and Swiss Reinsurance Company Ltd., have entered into irrevocable undertakings to tender their shares totaling approximately 64.4% of NÜRNBERGER’s share capital into the Offer. Also, the members of NÜRNBERGER’s management board have confirmed that they will tender all NÜRNBERGER shares held by them into the Offer. NÜRNBERGER will remain an independent company within the VIG Group and will receive extensive investment commitments. Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Daido Life Insurance Company and Swiss Reinsurance Company Ltd collectively own 64.4% stake in NÜRNBERGER Beteiligungs-AG. TECHNO-EINKAUF GmbH, together with three other companies, holds a share package of around 19%. The acceptance period for tendering of shares lasted four weeks and ended on November 21, 2025. Subject to the pending final notification, VIG has secured 11,333,375 shares as of November 24, 2025, including shares already held or otherwise secured by VIG, representing 98.81% of Nürnberger’s share capital and voting rights.
The settlement of the Purchase Offer will be subject to certain customary conditions, including but not limited to the granting of the necessary regulatory approvals and the achievement of a minimum acceptance rate of at least 50% of NÜRNBERGER’s share capital plus one NÜRNBERGER Share (controlling majority). The offer is subject to customary terms and conditions, including regulatory approvals. The parties intend, to the extent permitted by law and subject to the due diligence and fiduciary duties of the NÜRNBERGER Management Board, to delist the Company's Delisting of the company's shares from all trading venues. A fairness analysis prepared by the investment bank ParkView Partners Opinion for the Management Board and Supervisory Board of NÜRNBERGER concludes that the offer price is considered reasonable from a financial point of view. As of October 16, 2025, the Management Board and Supervisory Board are of the opinion that the offer is in the interest of NÜRNBERGER, its shareholders and its employees are concerned. They recommend to shareholders that to accept the offer and tender their NÜRNBERGER shares. The minimum tender condition was satisfied.
On April 15, 2026, the European Commission has approved the transaction. On April 22, 2026, the Turkish Competition Authority has approved the transaction. On April 28, 2026, the Prüfungsverband deutscher Banken e.V. has confirmed that it has no objections to the intended acquisition. On May 4, 2026, The European Central Bank and the German Federal Financial Supervisory Authority has approved the transaction. All Offer Conditions set out in the Offer Document have been fulfilled and the purchase offer will be settled as described in the Offer Document.
The closing is expected in the second half of 2026.
Deutsche Bank Aktiengesellschaft (XTRA:DBK) acted as financial advisor to Vienna Insurance Group AG. Sabrina Kulenkamp, Wessel Heukamp, David Beutel, Ulrich Sittard, Thomas Granetzny, Alexander Glos, Philipp Dohnke, Christoph Werkmeister, Gerrit Beckhaus, David Schwintowski, Alicia Hildner, Lukas Pomaroli and Uwe Salaschek of acted as legal advisor for Vienna Insurance Group AG. Georg Linde, David Huthmacher, David Jansen and Jacob Ahme of Willkie Farr & Gallagher LLP acted as legal advisor for NÜRNBERGER Beteiligungs-AG. Christian Eichner and Jan Schröder of A&O Shearman acted as legal advisor for supervisory board of NÜRNBERGER Beteiligungs-AG. Boris Schilmar, Jan Erik Schapmann and Franz Jakob Schipp of KPMG Law Rechtsanwaltsgesellschaft mbH acted as legal advisor and Stefan Heyers, Sandra Grote, Alexander Thometzek and Backcha Bahadin of KPMG AG Wirtschaftsprüfungsgesellschaft acted as accountant for supervisory board of NÜRNBERGER Beteiligungs-AG. Christopher Buhlmann and Cai Berg of ParkView Partners GmbH acted as financial advisor and fairness opinion provider for Management Board and Supervisory Board of NÜRNBERGER Beteiligungs-AG. Mutter & Partner Partnerschaft von Rechtsanwälten mbB acted as legal advisor for NÜRNBERGER Beteiligungs-AG. Matthias Terlau and Lutz Pospiech of GÖRG Partnerschaft von Rechtsanwälten mbB acted as legal advisor for Techno-Einkauf Verwaltungsgesellschaft mbH.
Vienna Insurance Group AG (WBAG:VIG) completed the acquisition of 99.2% stake in NÜRNBERGER Beteiligungs-AG (XTRA:NBG6) from Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (XTRA:MUV2), Daido Life Insurance Company, Swiss Reinsurance Company Ltd, Techno-Einkauf Verwaltungsgesellschaft mbH and others on May 17, 2026. Upon completion, VIG holds 99.2% of the share capital and voting rights in Nürnberger.