Aegon N.V. announced that it expects to sell Transamerica Finance Corporation's (TFC) maritime container leasing and European trailer leasing activities in two separate transactions.
The maritime container leasing activities represent USD 1.1 billion in assets. The European trailer leasing company represents USD 0.4 billion in assets. The transactions are expected to close before year-end 2004 and to have no meaningful effect on shareholders' equity.
The units being sold were acquired in 1999 as part of Aegon N.V.'s acquisition of Transamerica Corporation. Divestiture of TFC's activities is consistent with Aegon's strategy to focus on its core business of life insurance, pensions and related savings and investment products. Aegon already sold TFC's real estate tax and flood hazard certification 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.