OREANDA-NEWS. April 29, 2014. SORAINEN advised PZU, the largest Polish life and non-life insurer, on its acquisition of assets in Lithuania (Lietuvos Draudimas), Latvia (Balta) and Estonia (branch of Codan Forsikring) from RSA Insurance Group.

Total transaction value with respect to the Baltic assets is approximately EUR 270 million, the largest M&A transaction in the Baltics this year. Subject to obtaining regulatory approvals the transaction is expected to complete during the second half of 2014.

In its strategy for the period 2012-2014, PZU set a goal of creating a strong business outside Poland. The acquisition of the businesses of RSA Insurance Group in the Baltic States is a key step in the implementation of the international development strategy.

SORAINEN ensured full legal support including legal due diligence of Lithuanian, Latvian and Estonian operations, assistance in drafting transaction documents and support on other transaction issues related to all three countries.. SORAINEN continues to work on the transaction to ensure its successful finalisation.

The Pan-Baltic SORAINEN team included partners Tomas Kontautas, Ieva Azanda and senior associates Sergej Butov, Janis Bite and Piret Lappert.