COBALT advised Gjensidige Forsikring ASA, a leading insurance company in the Nordic region on acquisition of 99.88% of the shares of PZU Lietuva. The transaction was closed on 30 September. The deal value is EUR 66 million.
The acquisition is in line with Gjensidige’s strategy to grow in the Nordic region and the Baltics and will make Gjensidige one of the biggest general insurance companies in the Baltic market. Gjensidige 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 as well as advised on regulatory issues in all three Baltic countries. The deal team included Dr Juozas Rimas, Head of M&A practice group, Dr Irmantas Norkus, Managing Partner, and Mantas Juška, Associate in the M&A practice group.