Sorainen, working with DLA Piper, has advised insurance broker company Aon Baltic on its acquisition of Balto Link. The sellers were advised by Glimstedt.
Aon Baltic is an insurance broker company operating in Estonia, Latvia, and Lithuania. The company belongs to the Aon Group, which operates in 120 countries world-wide and has 50,000 employees.
Balto Link is also an insurance brokerage company in the Baltics, specialized in providing services to corporate clients and in e-commerce with insurance products.
In an Aon Baltic press release, Zilvinas Petrauskas, CEO of Aon Baltic, commented: “After this acquisition we are planning to increase investment in technologies, which will help to service our clients and to attract new talents in the most effective way. Moreover, with e-commerce platforms development we are planning to strengthen sales to private clients in all Baltic States.”
Robertas Saltis, Managing Director Baltics of Balto Link, said: “Joining Aon Baltic and becoming part of a global firm will enable us to provide enhanced solutions to our clients. We believe that strong business synergies between the two firms will bring opportunities and benefits to colleagues and clients alike.”
The acquisition is expected to be completed in six months, after which Aon Baltic will have 300 employees.
The Sorainen team was led by Partner Tomas Kontautas and included Partner Sergej Butov, Counsel Mantas Petkevicius, Senior Associates Dalia Augaite and Deimante Pagiriene, and Associates Artur Drapeko, Indre Peledaite, and Laura Ryzgelyte.
The Glimstedt team included Partner Andrius Ivanauskas, Associate Partner Mindaugas Jablonskis, Senior Associates Michailas Molis, Edvard Gasperskij, and Jurgita Zakarauskiene, and Associates Domantas Gudonis and Jonas Salna. The firm's team in Latvia was led by Partner Agnese Medne, and in Estonia by Partner Leho Pihkva.
DLA Piper did not respond to our inquiries on the matter.
Editor's Note: On November 26, 2018, Sorainen announced that the merger had finally been completed on November 2, 2018.