The health insurance company Apollo Zdravotna Poistovna, a.s. (Apollo ZP) has a new majority shareholder. E.I.C. sold its 51-percent stake to the group Agel. The Slovak Antitrust Office (PMU), as well as the Healthcare Supervisory Office (UDZS) cleared the change of the majority shareholder. "The concentration department of the PMU approved the concentration of the Czech company Agel, a.s. and the Slovak company Apollo Zdravotna Poistovna, a.s.," informed PMU spokesperson Alexandra Bernathova. The concentration consists in Agel acquiring direct control over Apollo Zdravotna Poistovna on the basis of a contract on purchase of shares. The PMU decision took effect on August 13, 2008.
After the PMU came to the conclusion that this concentration will not affect the competitive environment on the relevant market. The PMU also found that the concentration will neither create, nor strengthen a dominant position of its participants, which would lead to significant obstacles to effective completion on the relevant markets.
Agel carries out a direct and indirect control over several entities, which operate mainly in the healthcare sector. The Agel group members the include health insurer Zdravotni Poistovna Agel, a.s. in the Czech Republic and Agel SK, a.s., as well as Medi Relax M + M, s.r.o. in Slovakia. Financial group Penta is insurer's minority shareholder. Apollo Zdravotna Poistovna has 440,000 clients. Apollo ZP is thus the fourth largest health insurance company in Slovakia.