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Invalda INVL — M&A Activity 2015
May 12, 2015
2247_rns_2015-05-12_08757c8c-ecc0-4d7d-9712-fd7004fa2893.html
M&A Activity
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Invalda INVL will sell Finasta bank and brokerage company shares to Šiaulių bankas, will acquire shares of Šiaulių bankas
Invalda INVL will sell Finasta bank and brokerage company shares to Šiaulių bankas, will acquire shares of Šiaulių bankas
Vilnius, Lithuania, 2015-05-12 07:29 CEST (GLOBE NEWSWIRE) -- Invalda INVL
(former name - Invalda LT), one of the largest investment and asset management
groups in Lithuania, signed agreements regarding the sale of bank Finasta and
brokerage company Finasta shares to Šiaulių bankas. To close the deal Šiaulių
bankas will issue new shares, which will be acquired by Invalda INVL.
Conditions necessary to close the transaction are: Šiaulių bankas shareholders'
decision regarding the new share issue, Bank of Lithuania and Competion council
permits. It is planned that the deal will be closed in the third quarter of
2015.
Final transaction price will depend on change in Finasta group companies'
equity and market price of held to maturity financial instruments. According to
Invalda INVL management estimates, transaction value should exceed EUR 6
million. It is agreed that Šiaulių bankas will issue new shares for EUR 0.29
per share.
Šiaulių bankas shares are listed on NASDAQ Vilnius stock exchange. On May 11,
2015 market capitalization of Šiaulių bankas amounted to EUR 87.4 million.
Brand name Finasta will be used by Invalda INVL group. Wealth management
services, which are currently provided by bank Finasta, will provided by
Invalda INVL through a newly established brokerage company.
The deal regarding transfer of banking activities is signed because Invalda
INVL group is concentrating on asset management business. Invalda INVL-owned
asset management companies MP Pension Funds Baltic, INVL Asset Management and
Latvian Finasta Asset Management had more than 150 thousand clients and managed
EUR 303.5 million of assets at the end of first quarter of 2015.
The person authorized to provide additional information:
Darius Sulnis
President
Phone +370 5279 0601
E-mail: [email protected]