AEGON Sells Transamerica Finance Corporation's Maritime Container Leasing Business
November 04 2004 - 4:52PM
PR Newswire (US)
AEGON Sells Transamerica Finance Corporation's Maritime Container
Leasing Business THE HAGUE, Netherlands, Nov. 4
/PRNewswire-FirstCall/ -- AEGON N.V. (NYSE:AEG) today announced
that its subsidiary Transamerica Finance Corporation (TFC) has sold
TFC's maritime container leasing business to TAL International
Group, Inc. for a purchase price of USD 1.2 billion. AEGON will
provide interim financing of USD 275 million, which will be repaid
within one year of closing. AEGON will use the net proceeds to
redeem debt. The maritime container leasing activities represent
approximately USD 1.1 billion in assets. As previously announced,
TFC is in negotiations to sell its European trailer leasing
business. Both transactions will have no meaningful effect on
shareholders' equity. The Transamerica maritime container leasing
business was acquired in 1999 as part of AEGON N.V.'s acquisition
of Transamerica Corporation. The disposal is consistent with
AEGON's strategy to focus on its core business of life insurance,
pensions, savings and investment products. AEGON sold TFC's real
estate tax and flood companies to First American Corporation in
2003 and in January 2004 it completed the sale of most of TFC's
commercial finance operations to GE Commercial Finance. TAL
International Group, Inc. is a newly formed company controlled by
The Jordan Company, LP, a New York-based private equity firm.
Investors in TAL International Group, Inc. include Klesch &
Company Limited, a UK-based investor. Forward-looking statements
The statements contained in this press release that are not
historical facts are forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as "believe," "estimate," "intend," "may," "expect," "anticipate,"
"predict," "project," "counting on," "plan," "continue," "want,"
"forecast," "should," "would," "is confident" and "will" and
similar expressions as they relate to us are intended to identify
such forward-looking statements. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. We undertake no
obligation to publicly update or revise any forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of their
dates. All forward-looking statements are subject to various risks
and uncertainties that could cause actual results to differ
materially from expectations, including, but not limited to, the
following: -- changes in general economic conditions, particularly
in the United States, The Netherlands and the United Kingdom; --
changes in the performance of financial markets, including emerging
markets, including: - the frequency and severity of defaults by
issuers in our fixed income investment portfolios; and - the
effects of corporate bankruptcies and/or accounting restatements on
the financial markets and the resulting decline in value of equity
and debt securities we hold; -- the frequency and severity of
insured loss events; -- changes affecting mortality, morbidity and
other factors that may affect the profitability of our insurance
products; -- changes affecting interest rate levels and continuing
low interest rate levels; -- changes affecting currency exchange
rates, including the EUR/USD and EUR/GBP exchange rates; --
increasing levels of competition in the United States, The
Netherlands, the United Kingdom and emerging markets; -- changes in
laws and regulations, particularly those affecting our operations,
the products we sell and the attractiveness of certain products to
our consumers; -- regulatory changes relating to the insurance
industry in the jurisdictions in which we operate; -- acts of God,
acts of terrorism and acts of war; -- changes in the policies of
central banks and/or foreign governments; -- litigation or
regulatory action that could require us to pay significant damages
or change the way we do business; -- customer responsiveness to
both new products and distribution channels; -- competitive, legal,
regulatory, or tax changes that affect the distribution cost of or
demand for our products; and -- our failure to achieve anticipated
levels of earnings or operational efficiencies as well as other
cost-saving initiatives. DATASOURCE: AEGON N.V. CONTACT: AEGON N.V.
Group Corporate Affairs & Investor Relations: The Hague, the
Netherlands: Analysts & Investors: +31 (0)70 344 83 05, Media:
+31 (0)70 344 83 44, or Email: ; or Baltimore, the United States:
Analysts & Investors: +1-877-548-9668, +1-410-576-4577, Media:
+1-410-576-4526, or Email: Web site: http://www.aegon.com/
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