COBALT advised SEB life insurance undertakings on cross-border merger in the Baltics

COBALT advised SEB life insurance undertakings (SEB Elu- ja Pensionikindlustus in Estonia, SEB Dzīvības Apdrošināšana in Latvia and SEB Gyvybes draudimas in Lithuania) on cross-border merger in the Baltics. As a result of the merger SEB established a single company headquartered in Latvia with branches in Estonia and Lithuania – SEB Life and Pension Baltic SE.

COBALT’s assignment covered legal assistance related to establishment of branches in Estonia and Lithuania, the cross-border merger of the existing life insurance entities, applying for required approvals from the Baltic financial supervision authorities, establishment of special negotiating body of employees, dealing with transfer of undertaking issues in relation to employees, as well as other legal matters related to the transaction.

The project team led by partner Sandija Novicka included the following COBALT pan-Baltic team members:

• COBALT Latvia Partners Gatis Flinters, Toms Šulmanis, Senior Associate Kristīne Patmalniece and Associate Diāna Zepa;
• COBALT Estonia Partner Kristel Raidla-Talur, Managing Associate Monika Koolmeister, Senior Associates Mart Blöndal, Heili Haabu and Associate Peep Vähi;
• COBALT Lithuania Partner Eva Suduiko and Senior Associate Jovita Valatkaitė.