Belgian-based insurance group Ageas (AGES.BR), formerly known as Fortis, has agreed a partnership with Turkish conglomerate Sabanci Holding (SAHOL.IS) that will allow it to enter the fast-growing Turkish market. The two companies said on Friday that Ageas would buy 31 percent of Turkey's fourth-largest non-life insurer Aksigorta (AKGRT.IS), half of Sabanci's stake, for $220 million, a 53 percent premium to Aksigorta's market capitalisation on Thursday. The deal, subject to regulatory approval and expected to be completed in the second quarter, adds to Ageas's existing partnerships with BNP Paribas (BNPP.PA) in Belgium, Tesco (TSCO.L) in Britain, Millennium bcp (BCP.LS) in Portugal, UBI Banca (UBI.MI) in Italy and to its Asian joint ventures.
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