News date: 15 September 2014
Ilyashev & Partners successfully represented the leading international insurance group PZU before the Antimonopoly Committee of Ukraine (AMCU) during obtaining the AMCU’s permits to four concentrations. The deal was about PZU Group acquiring four insurance companies operating in Poland, Latvia, Lithuania and Estonia from Royal & Sun Alliance Insurance, one of the leaders in the global insurance market. Under Section 22 of the Law of Ukraine On Protection of Economic Competition, PZU had to obtain AMCU’s merger clearance in order to proceed with this multi-million dollar deal. Therefore, obtaining permissions from AMCU was one of the priorities to complete the project and not to fall behind the schedule. Despite vast amounts of work and tight deadlines, a team of Ilyashev & Partners’ lawyers, Head of Antitrust and Competition Practice Oleksandr Fefelov, Taras Utiralov and Mykola Aleksiuk, was able to demonstrate excellent performance and complete the project on time.
PZU Group is one of the largest financial institutions in Poland, as well as Central and Eastern Europe. PZU provides comprehensive insurance coverage in all key sectors of private, public and economic activity. The PZU Group also manages an open pension fund, investment funds and savings programs. The company’s core insurance activity focuses on property, life and other personal insurance. PZU Group customers can choose among nearly 200 types of insurance. PZU is listed on the Warsaw Stock Exchange and has a wide presence in Ukrainian insurance market.