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Penta looks to incorporate health insurance companies Dôvera a Apollo14. 08. 2009 | Penta looks to incorporate health insurance companies Dôvera a Apollo
14. 08. 2009, Bratislava
The investment group Penta has successfully concluded negotiations with the majority shareholder of the health insurance company APOLLO zdravotná poisťovňa, a.s. (Apollo).
The goal of these negotiations was to gain a majority shareholding in Apollo in which Penta was a 49 per cent shareholder. Penta's ultimate goal as an owner of the health insurance company DÔVERA was to incorporate both companies by the end of 2009, and therefore create a strong counterbalance to services provided by Všeobecná zdravotná poisťovňa, a.s. Negotiations are under the condition to transfer shares and the financial settlement that is to take effect on Monday, 17th August.
"We are sure that this incorporation will bring new services of a higher quality to insured people. Dôvera and Apollo will unite under one insurance company, with 1.5 million clients, which will save an inconsiderable amount of money on transition expenses and will work more effectively," Jaroslav Haščák, partner of Penta investment group said.
The incorporation itself has to first gain the approval of the antitrust office of the Slovak Republic and the Health Care Surveillance Authority.
"We believe in gaining all the necessary approvals because there are two state health insurance companies being incorporated, so the concentration on the market will be much higher," concluded Jaroslav Haščák.
Penta is a Central European investment group established in 1994. It operates in the private equity and real estate sectors. In private equity, it manages an evergreen fund of its five partners, the company's only shareholders. Its portfolio companies provide jobs to more than 25,000 people and according to the preliminary numbers in 2008 reported revenues of EUR 2.5 billion. Penta invests mostly in the retail, health care, mechanical engineering, aerospace, energy, telecommunications and private banking sectors. Since 2005, Penta has started investments in the real estate and is currently executing 9 projects in Slovakia. It concentrates on office space, retail and leisure segments, as well as land development. Penta operates in more than ten countries of Europe and has offices in Prague, Bratislava, Moscow, Warsaw and Limassol.