Vienna Insurance Group will buy 100% shares of non-life insurance company Seesam Insurance AS (including its Latvian and Lithuanian branches) from Finnish OP Financial Group. The share sale and purchase agreement was signed on 18 December 2017 and the transaction, however, is subject to the approvals of local regulatory authorities.
Vienna Insurance Group is one of the largest international insurance groups in Central and Eastern Europe. The group operates around 50 insurance companies in 25 countries, has around 25,000 employees and its shares are listed on Vienna Stock Exchange and Prague Stock Exchange.
Skrastiņš & Dzenis team, led by partners Aivis Dzenis and Verners Skrastiņš and included associates Evija Ābele and Dace Kitnere, advised VIG in all major steps of the transaction – performed full legal due diligence, advised on drafting the share and purchase agreement, as well as, in drafting merger clearance notification to Latvian Competition Council.
The whole project was led by Estonian law office TARK and its Baltic partners – Skrastiņš & Dzenis in Latvia and Motieka & Audzevicius in Lithuania.