October 2016 – Kinstellar’s Budapest office has advised CIG Pannonia Life Insurance on the purchase of local peers MKB General Insurance and MKB Life Insurance from Versicherungskammer Bayern. Under the terms of the deal, CIG Pannonia Life Insurance will acquire 98.97% of the shares of MKB Life Insurance, while its wholly-owned subsidiary, CIG Pannonia First Hungarian General Insurance, will purchase 98.98% of the shares of MKB General Insurance. The transaction is subject to the approval of the Hungarian Competition Office and the National Bank of Hungary.
Anthony O’Connor, head of Corporate and M&A at Kinstellar in Budapest and firm-wide co-head of Kinstellar’s Private Equity sector, comments: “We are extremely happy to have supported CIG Pannonia Life Insurance on this important strategic transaction and look forward to the future development of the combined business.”
Ákos Mátés-Lányi, a Managing Associate at Kinstellar in Budapest who worked closely with CIG Pannonia Life Insurance to implement the deal, added: “It was a pleasure working again with our valued client, CIG Pannonia Life Insurance, and an excellent opportunity for Kinstellar to build on our recent experience advising clients in the financial services sector.”
The Kinstellar team was comprised of: Partner Anthony O’Connor and Managing Associates Ákos Mátés-Lányi and Dániel Straub.