A PYMNTS Company

Lithuania: Polish insurer nabs clearance for rival buyout

 |  October 12, 2014

Polish insurer PZU has reportedly received clearance from Lithuanian authorities to acquire its Lithuanian rival.

Reports say PZU is set to acquire Lietuvos Draudimas, the Polish firm said late last week. In exchange for regulatory approval, PZU has reportedly agreed to divest assets in Lithuania.

The state-run Polish company first agreed to acquire Lietuvos for $457 million earlier this year. The takeover is part of PZU’s acquisition spree; according to reports, the takeover also includes PZU’s acquisition of the majority of UK insurer RSA’s eastern European assets, and the deal follows shortly after PZU acquired rival AAS Balta, based in Estonia, as well as Link4, based in Poland.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.