08
Mon, Aug
74 New Articles

Closing: INVL Acquisition of Mandatum Life’s Baltic Insurance Business Now Closed

Closing: INVL Acquisition of Mandatum Life’s Baltic Insurance Business Now Closed

Deals and Cases
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

On July 1, 2022, Sorainen announced that INVL’s acquisition of the Mandatum Life Baltic insurance business (reported by CEE Legal Matters on June 29, 2021) had closed, after obtaining all the necessary licenses and permits from the Baltic and Finnish supervisory authorities (as reported by CEE Legal Matters on March 18, 2022).

The Baltic operations of Mandatum Life consist of three branch operations totaling 83 employees: Mandatum Life Estonia, Mandatum Life Latvia, and Mandatum Life Lithuania. These operations encompass 29,000 customers and assets totaling EUR 150 million.

After obtaining its life insurance company license in Lithuania, the INVL Group will offer life insurance, unit-linked life insurance, and additional protection such as critical illness and accident insurance among its services going forward.

As previously reported, Walless advised Mandatum Life on the sale and Sorainen advised the Lithuanian Invalda INVL Group on the deal.

According to Sorainen, "INVL will now be able to offer both existing and new clients additional tailored products and investment solutions to meet their variety of needs. The growing portfolio of assets under management enables us to increase our investment activity in the Baltic economies and international markets."

"In the past year, Mandatum has reviewed its business strategies," said Petri Niemisvirta, CEO of the Mandatum Group. "The focus will be on the Finnish market and on wealth management in Finland and abroad with institutional clients. That is how we will provide our stakeholders with the greatest value. Our business in the Baltics has shown good results both financially and in great personnel and customer satisfaction numbers after its re-organization. Invalda INVL’s offer came at the right time for the company’s strategic changes."

Sorainen’s team included Partners Mantas Petkevicius and Tomas Kontautas, Counsels Janis Bite, Piibe Lehtsaar, and Monika Malisauskaite-Vaupsiene, Senior Associates Mindaugas Baniulis, Agne Sovaite, and Vitalija Impoleviciene, and Associate Nele Suurmets.

The Walless team included Partners Sintija Radionova, Hannes Vallikivi, Rolan Jankelevitsh, Gediminas Reciunas, and Aiste Medeliene, Associated Partners Alina Makovska and Darius Miniotas, Senior Associates Kaisa Uksik and Enrika Tamasauskaite, and Associates Greta Liutkute, Baiba Krievina Sutora, and Kaisa Saarmann.

Our Latest Issue