PZU sold its LITHUANIAN unit for EUR 54 million

3 February 2015 — Vlad BOLDIJAR
The Polish PZU, one of the largest CEE insurance groups, announced, on February 3rd, that it agreed to sell 99.88% shares in its Lithuanian subsidiary PZU Lietuva to Norway 's GJENSIDIGE Forsikring for EUR 54 million, to complete last year's EUR 360 million takeover of RSA Group's assets in Baltic States. PZU said that the final price may change and will be adjusted for a difference between from the valuation date (September 30, 2014) to the transaction closing.

In October 2014, PZU obtained the necessary approvals from the market regulator to complete the acquisition of the other two UK-based RSA Group subsidiaries in the Baltic States: LIETUVOS draudimas (Lithuania) and the Estonian branch - CODAN Forsikring. The value of this deal is EUR 360 million and it also includes the acquisition of RSA Group's assets in the Polish market (Link4 Towarzystwo Ubezpieczen) and the Latvia's market leader - AAS BALTA.

According to the State-owned Polish insurer, 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", said Andrzej KLESYK, PZU'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", added Przemys
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