COBALT advised Gjensidige Forsikring ASA, a leading insurance company in the Nordic region in acquisition of 99.88% of the shares of PZU Lietuva. The shares will be acquired from PZU SA for EUR 54 million (subject to adjustment on completion of the transaction).
Transaction closing is subject to fulfillment of several conditions precedent, including the transfer of PZU Lietuva operations in Latvia and Estonia to the PZU Group and obtaining necessary approvals from the regulatory authorities.
Gjensidige is one of the leading general insurance companies in the Nordic region. It offers general insurance to customers in Norway, Denmark, Sweden and the Baltics.
COBALT assisted the client in drafting the transaction documents, represented Gjensidige Forsikring ASA in the negotiation process, performed legal due diligence of the target, analyzed issues related to restructuring Latvian and Estonian businesses, as well as advised on regulatory approvals in all three Baltic countries.