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Aegon sells Transamerica Finance Corporation's maritime container leasing business

The Hague, November 4, 2004

Aegon N.V. 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.