February 28 (SeeNews) - The European Commission said on Tuesday it has approved the acquisition of the insurance business of the American International Group (AIG) in Bulgaria and Romania by Canada-based Fairfax Financial Holdings.
"[...] the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement," the Commission said in a filing.
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In October, Fairfax Financial Holdings said that it had entered into an agreement to acquire certain assets and renewal rights of AIG's business in Bulgaria and Romania, among other countries.
The total amount of the deal is $240 million (218.3 million euro) and also includes AIG's insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela, Turkey, the Czech Republic, Hungary, Poland and Slovakia.
In Southeastern Europe, Fairfax already operates in Romania.
Fairfax is a holding company which, through its subsidiaries, is active in property and casualty insurance and reinsurance and investment management.
($= 0.9417 euro)