COBALT advised Invalda INVL, a major asset management and investment company in Lithuania, on the sale of bank Finasta AB and Finasta brokerage company. The companies will be acquired by AB Šiaulių bankas. A closing is expected to take place in the third quarter of 2015, contingent upon approval from the relevant authorities.
The preliminary value of the transaction is more than EUR 6 million. Invalda INVL will acquire a new issue of AB Šiaulių bankas shares, EUR 0.29 per share.
This transaction is the result of Invalda INVL Group decision to focus on asset management as its core activity. Wealth management services currently provided by bank Finasta will be provided by Invalda INVL through a newly established brokerage company.
AB Invalda INVL was founded in 1991. The company’s shares have been traded on NASDAQ OMX Vilnius stock exchange since 1995. Invalda INVL-owned asset management companies MP Pension Funds Baltic, INVL Asset Management and Latvian Finasta Asset Management had more than 150 000 clients and managed EUR 303.5 million of assets at the end of first quarter of 2015.
COBALT assisted Invalda INVL in drafting the transaction documents, represented it during negotiations and advised on other transaction related matters. The team was led by Managing Partner Dr Irmantas Norkus and Associate Mantas Juška.