Bank Millennium has signed an agreement to sell 80% of shares in Millennium Financial Services to Towarzystwo Ubezpieczeń na Życie Europa, which will acquire 72% of shares, and Towarzystwo Ubezpieczeń Europa, which will acquire 8% of shares.
WKB Lawyers provided TU and TUnŻ Europa comprehensive legal support at all stages of the transaction, from due diligence, through transaction structuring and negotiations, up to preparing and signing the transaction documentation.
Grzegorz Godlewski leads WKB’s transaction team together with Jakub Pokrzywniak PhD. The team’s key members included: Dominik Kulpa, Marek Prętki, Agata Szczepańczyk–Piwek, Agnieszka Bartolik, Piotr Grabarczyk and Wojciech Kulczyk.
Bank Millennium also signed agreements with both the buyers and Millennium Financial Services on the distribution of insurance products on an exclusive basis, including a cooperation agreement, distribution agreements, and agency agreements. The parties’ strategic cooperation will also involve a long-term bancassurance relationship in respect of selected insurance-linked credit products offered by Bank Millennium, which is expected to be launched by Q3 2023.
The Europa insurance undertakings are part of the Talanx group, one of the largest European insurers.
Bank Millennium is one of the largest commercial banks in Poland, listed on the WSE since 1992. Its majority shareholder is the Portuguese Banco Comercial Portuges.
Closing is conditional on receiving the consent of the appropriate antitrust authority. The transaction is valued at approximately PLN 500 million.
Legal advice within TU and TUnŻ Europa was coordinated by Piotr Lewczuk, attorney-at-law, Head of Legal at TU and TUnŻ Europa – we would like to sincerely thank the entire TU and TUnŻ Europa team for placing their trust in us. Bank Millennium was advised by Hogan Lovells, who we would also like to thank for fruitful cooperation.