Kinstellar’s Budapest office has advised CIG Pannonia Life Insurance on the purchase of local peers MKB General Insurance and MKB Life Insurance from Versicherungskammer Bayern. The identity of the seller was not disclosed.
Under the terms of the deal, CIG Pannonia Life Insurance will acquire 98.97% of the shares of MKB Life Insurance, while its wholly-owned subsidiary, CIG Pannonia First Hungarian General Insurance, will purchase 98.98% of the shares of MKB General Insurance. The transaction is subject to the approval of the Hungarian Competition Office and the National Bank of Hungary.
Anthony O’Connor, head of Corporate and M&A at Kinstellar in Budapest and firm-wide co-head of Kinstellar’s Private Equity sector, commented that: “We are extremely happy to have supported CIG Pannonia Life Insurance on this important strategic transaction and look forward to the future development of the combined business.”
O’Connor led the firm’s team on the deal, supported by Managing Associates Akos Mates-Lanyi and Daniel Straub.