Deal or Case news
02.02.2024
NautaDutilh advised Dutch insurer a.s.r. on its EUR 510 million sale of Aegon Bank N.V. (Knab) to BAWAG Group AG (the P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft, BAWAG).

"It's a great thing to be able to contribute to the strategic goals of our clients, and even better to do so with such a dedicated and ambitious team", says lead partner Lieke van der Velden. "Navigating complexities and challenges together, while being able to draw on our broad expertise and experience in the financial sector, is what makes this work both fun and fulfilling."

“It was a true pleasure to work together again with the a.s.r. team", says Willem Bijveld, partner in NautaDutilh's Corporate M&A team. "We are committed to continue to support a.s.r. in reaching their ambitious strategic objectives."

About the transaction
a.s.r. acquired Knab as an integral part of the Aegon Nederland transaction which closed in July 2023. a.s.r. believes that the future of Knab and the service proposition to its customers is better served by being part of BAWAG following a thorough strategic review of Knab’s activities and assessment of the proposal put forward by BAWAG. The transaction is subject to customary closing conditions, such as regulatory clearance and works council advice. The closing of the transaction is expected in the second half of 2024. In addition to the sale of Knab, an agreement was reached to transfer the management of the servicing of mortgages on Knab’s balance sheet in due time after closing, for an additional consideration of € 80 million to be paid to a.s.r.

Navigating complexities and challenges together, while being able to draw on our broad expertise and experience in the financial sector, is what makes this work both fun and fulfilling.
Lieke van der Velden, lead partner

NautaDutilh deal team
The core NautaDutilh team was led by partners Lieke van der Velden, Michaëla Ulrici and Willem Bijveld, and further consists of Jacqueline Clement, Sophie Umans, Jafar Alhashime, Twan Hamers, Mees Veeger (Corporate/ M&A), Mauricette Schaufeli, Victorine Dijkstra, Fleur Terlouw (Competition), Paul van der Bijl, Koen Biesma (Corporate Advisory), Homme ten Have, Daniël Kuiper (Employment), Joris Willems, Marlous Schrijvers (Tech/IT), Larissa Silverentand, Roderick Watson (Financial Law), Sascha van Gerrevink (Structured Finance), and Nina Kielman (Tax).

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