Goldman Sachs and Cerberus Capital Management intend to form a jointly owned company to purchase the European trailer leasing business. The transaction, which is subject to customary closing conditions, is expected to close by May 2005.
In November 2004, Aegon announced the sale of Transamerica Finance Corporation's (TFC's) maritime container leasing business. Together with the successful sale of the European trailer leasing business, Aegon will have completed the divestiture of its non-core TFC operating businesses. The financial effect of these divestitures, which under Dutch Accounting Principles has been booked in shareholders' equity in 2004, will not be meaningful.
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 savings and investment products.