Hogan Lovells Warsaw has advised the Aviva Group on the deal, while Shearman & Sterling acted as English counsel for Santander Bank Polska.
Aviva Group sold its 51% stake in Santander Aviva Towarzystwo Ubezpieczen na Zycie (life insurance business) and Santander Aviva Towarzystwo Ubezpieczen (non-life insurance business) to the Allianz Group. The joint venture entities are part of the long-term, strategic bancassurance partnership between Aviva Group and the Santander Group in Poland.
This deal is part of the largest M&A transaction in the Polish insurance market to date – the sale of Aviva’s entire shareholding in Poland to the Allianz Group. The entire transaction also encompasses the sale of Aviva’s Polish life and property insurance operations, as well as its pension fund and asset management operations.
The transaction is valued at approximately EUR 2.5 billion and subject to regulatory approvals. It is expected to be completed within 12 months.
The Hogan Lovells team was led by corporate partner Beata Balas-Noszczyk (Picture – also Office Managing Partner for Warsaw) with support from Tomasz Grygorczuk (Counsel), Bartosz Romanowski (Counsel), and Maryla Surowiec (Senior Associate).
Aviva’s leading transactional counsels were Slaughter and May, alongside WKB [Wiercinski, Kwiecinski, Baehr]
Shearman & Sterling acted as English counsel for Santander Bank Polska with partner Pawel Szaja, partner Nick Withers and associate Gina Malone.
Involved fees earner: Beata Balas-Noszczyk – Hogan Lovells; Tomasz Grygorczuk – Hogan Lovells; Bartosz Romanowski – Hogan Lovells; Maryla Surowiec – Hogan Lovells; Gina Malone – Shearman & Sterling; Pawel Szaja – Shearman & Sterling; Nick Withers – Shearman & Sterling;