COBALT advised Gjensidige on the acquisition of PZU Lietuva

COBALT lawyers advised Gjensidige Forsikring ASA, a leading insurance company in the Nordic region to acquire 99.88 per cent of the shares in PZU Lietuva. The shares will be acquired from PZU SA for EUR 54 million (subject to adjustment on completion of the transaction).

The closing is expected to take place in the second half of 2015, contingent upon approval from the relevant authorities. Integration of the two entities is expected to begin immediately thereafter to ensure that synergies can be realised as soon as possible. Managing Partner Dr Irmantas Norkus described the transaction process as rather intensive, but at the same time smooth and effective, since both parties were represented by several well-experienced advisers.

COBALT advised the buy-side and assisted the client in drafting the transaction documents, represented Gjensidige Forsikring ASA in the negotiation process, performed legal due diligence of the target as well as advised on other transaction related matters.

The team was led by Managing Partner Dr Irmantas Norkus and Dr Juozas Rimas, Head of Mergers and Acquisitions Practice Group at COBALT Lithuania, and Mindaugas Rimkus, Senior Associate.