PZU sells its Lithuanian unit for €54 million
10:15
Insurer PZU has signed an agreement with Norway's Gjensidige Forsik to sell its Lithuanian unit, UAB DK PZU Lietuva for €54 million, the company announced on Tuesday.
The transaction has yet to be accepted by the Lithuanian central bank and antitrust watchdogs. PZU sold its Lithuanian branch to complete last year's €360 million takeover of Lietuvos Draudimas, the Eastern European branch of British insurer RSA.
The company also announced that the final price may differ, depending on the net assets valuation of PZU Lietuva after the deal is struck.
PZU Group is one the largest insurers in Central and Eastern Europe. The company has been listed on the Warsaw Stock Exchange since 2010.
