Munich Re, represented by Ellex, receives approval to acquire Gjensidige in the Baltics

On 12 December, the Lithuanian Competition Council announced granting the permission to the insurance company Munich Re, represented by Ellex, to acquire Gjensidige’s insurance business in the Baltic countries. Munich Re will carry out the acquisition indirectly, through ERGO International AG.

“This was one of the most complex and largest concentrations investigated in Lithuania this year, taking almost 8 months to review. The complexity of the process was also due to the fact that the business is being acquired in all three Baltic countries. The Competition Council has set certain conditions and obligations for the transaction, which the buyer will still have to implement. We trust that the parties to the transaction will fulfil all the conditions of the authorization and that the transaction will be successfully completed,” commented Marius Juonys, partner and head of the competition practice at Ellex Valiunas.

During the merger review process, Munich Re was represented by Ellex partners Šarūnas Keserauskas, Marius Juonys, Martin Maesalu, Liga Merwin and their teams in Lithuania, Latvia and Estonia.  In the closing process the buyer’s side will be assisted by the M&A team led by Ellex partner Ramūnas Petravičius.

Munich Re (full name: Münchener Rückversicherungs-Gesellschaft AG in München) is one of the largest and best-known reinsurance companies in the world. The company was founded in 1880 in Munich, Germany. ERGO belongs to the Munich Re Group.