Gjensidige Forsikring €66 million acquisition of PZU Lietuva

Overview:

• PZU, the largest Polish life and non-life insurer, has sold its 99,88% stake in PZU Lietuva to Gjensidige Forsiking, a leading Nordic general insurance company, for €66 million.
• The transaction was carried out following commitments given by the Lithuanian Competition Council to PZU to sell part of PZU's business in Lithuania after acquiring Lietuvos draudimas from RSA Insurance Group.
• The deal was the fourth largest, by value disclosed, in the Baltic in 2015; it was the largest deal by value disclosed in Lithuania in 2015.
• Approximately 10 jurisdictions were involved, including Lithuania, Latvia, Estonia, Ukraine and Denmark.
• During the period before completion of the transaction in October 2015, there existed hostile negotiations between PZU and their minority shareholder.

Wai Yee Tsang - Journalist