AB Siauliu Bankas (NSEL:SAB1L) agreed to acquire Retail Businesses from Invalda INVL, AB (NSEL:IVL1L) for 40.2 million on November 22, 2022. Following completion of the transaction, the Invalda INVL group will remain active in the management of private equity and alternative investments, providing Family Office services as well as managing second-and third-pillar pension funds in Latvia. After the transaction is closed, the Siauliu Bankas Group will manage second-and third-pillar pension funds and mutual funds in Lithuania and will provide life insurance services across the Baltic countries. The transaction will be completed after it is approved by extraordinary meetings of the shareholders of iauliu Bankas and Invalda INVL respectively and after all the required regulatory permissions are obtained. The transaction is expected to be completed within one year.
Talisman acted as the financial advisor to iauliu Bankas during the transaction and Ernst & Young Baltic carried out an independent valuation of Invalda INVL's retail business. Walless law firm advised iauliu Bankas on legal issues, while Sorainen advised Invalda INVL.