On 2 February 2015, PZU SA signed with Gjensidige Forsikring ASA an agreement on the sale of PZU Lietuva. The price for 99.879% shares amounts to EUR 54 million plus an amount that will reflect any material economic changes in the company that occurred from the valuation date, 30 September 2014, to the transaction closing.
“The sale of PZU Lietuva follows from last year’s acquisitions of RSA Group’s assets in the Baltic states. Applying for the authorization for the purchase of Lietuvos Draudimas AB, we undertook to sell some of our assets in the Lithuanian market. I would like to thank everyone with whom we had the opportunity to create the value of this company. This is an important day for PZU as a group. I’m happy that we are closing the transaction associated with PZU’s international expansion so quickly and on such good terms,” said Andrzej Klesyk, PZU SA’s President.
“The sale of PZU Lithuania is not a simple transaction due to the fact that PZU was obligated to carry it out by the Lithuanian Antitrust Authority. Therefore I’m particularly happy that we have managed to close it so quickly – within 3 months. The price we obtained is fully satisfactory. The efficiency of the transactions to purchase RSA Group companies and sale of PZU Lithuania shows that we have managed to develop strong competences in yet another area – mergers and acquisitions,” added Przemysław Dąbrowski, PZU Group’s CFO.
The sale of PZU Lietuva’s shares depends on satisfaction of conditions precedent – among other things, obtaining the authorizations from appropriate regulators and antitrust authorities and spinning off of PZU Lietuva’s assets and liabilities associated with the operations conducted through PZU Lietuva’s branches in Latvia and Estonia into the PZU SA Group. Hence the imprecise amount for the sale of the company. This is mechanism securing the interests of both the seller and the buyer.
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