CIG Pannónia First Hungarian General Insurance Ltd. and CIG Pannónia Életbiztosító Nyrt (BUSE:CIG) entered into a contract to acquire 98.98% Stake in MKB Általános Biztosító Zrt and 98.97% Stake in MKB Életbiztosító Zrt. from Versicherungskammer Bayern for HUF 1.6 million on October 7, 2016. CIG Pannónia First Hungarian General Insurance Ltd. entered into a contract to acquire 98.98% Stake in MKB Általános Biztosító Zrt for HUF 0.28 million. CIG Pannónia Életbiztosító entered into a contract to acquire 98.97% Stake in MKB Életbiztosító Zrt for HUF 0.62 million. This acquisition of MKB Általános Biztosító involves the contingent consideration of HUF 0.72 million. The transaction is subject to approval from the Hungarian Competition Authority, as well as the National Bank of Hungary. The transaction was approved by the Board of Directors of CIG Pannónia First Hungarian General Insurance Ltd. The transaction received approval by the competition office in November. On December 22, 2016, The National Bank of Hungary has approved the acquisition of MKB Life Insurance and MKB General Insurance by CIG Pannonia. The transaction is expected to be closed by the end of 2016. Anthony O'Connor, Ákos Mátés-Lányi and Dániel Straub of Kinstellar, s.r.o., advokatni kancelar acted as the legal advisors for CIG Pannónia. CIG Pannónia Életbiztosító Nyrt (BUSE:CIGPANNONIA) and CIG Pannónia First Hungarian General Insurance Company Ltd. completed the acquisition of 98.98% Stake in MKB Általános Biztosító Zrt and 98.97% Stake in MKB Életbiztosító Zrt. from Versicherungskammer Bayern on January 1, 2017. CIG Pannónia First Hungarian General Insurance Ltd. acquired 98.98% Stake in MKB Általános Biztosító Zrt. CIG Pannónia Életbiztosító acquired 98.97% Stake in MKB Életbiztosító Zrt.