Milbank LLP advised Allianz X on the deal. Bär & Karrer advised CLARK.
Allianz X announced the integration of its portfolio company and leading financial services and insurance leads provider, finanzen Group, into digital insurance broker CLARK. CLARK will thus become one of the world’s biggest insurtechs by revenue. As part of the transaction, Allianz X will receive cash and, predominantly, equity in CLARK, becoming CLARK’s largest minority investor.
finanzen Group, a licensed broker in Germany, Netherlands, and the UK and a wholly owned portfolio company of Allianz X, provides consumer traffic to the insurance and finance sectors. CLARK offers insurance advice by enabling retail customers to collate their insurance policies in a digital wallet and then analyzes and optimizes customers’ insurance coverage by comparing tariffs from different insurance companies. Both companies work with hundreds of insurers across several European markets. The combined entity – now a unicorn – will bring end-to-end digital insurance brokerage and wallet services to customers.
The transaction is subject to customary closing procedures and approval of the relevant authorities. It is expected to be completed in the first quarter of next year.
The Milbank team was led by partner Sebastian Heim (Picture) and included partners Ulrike Friese-Dormann (both Corporate/M&A, Munich), Barbara Mayer-Trautmann (Finance, Munich), Matthias Schell (Tax, Munich) and Alexander Rinne (Antitrust and Foreign Investment, Munich) and associates Markus von Lutterotti (Corporate/M&A, Munich), Andreas Rief (Corporate/M&A, Frankfurt), Stefanie Gschoßmann (Antitrust and Foreign Investment, Munich), Manuel Bogenreuther, Svenja Tauchmann (both Corporate/M&A, Munich), Moritz Lichtenegger (Antitrust and Foreign Investment, Munich), Alexander Lang (Finance, Munich), Arne Hammerich (Tax, Munich) and Sebastian Reiner-Pechtl (Corporate/M&A, Munich).
The Bär & Karrerteam consisted of Peter Hsu, Sarah Vettiger, Tiffany Ender, Matej Teslar, Marwan Ezzat (Banking & Insurance/M&A), Rehana Harasgama (Data Protection), Ruth Bloch-Riemer, David Weimann (Pension and Social Security), Frédéric Mancosu, Michael Rohrer (Notarial Services) and Tobias Rebmann (IP/IT).
Linklaters acted as lead counsel of CLARK in this transaction.
Involved fees earner: Ruth Bloch-Riemer – Bär & Karrer; Tiffany Ender – Bär & Karrer; Marwan Ezzat – Bär & Karrer; Rehana Harasgama – Bär & Karrer; Peter Hsu – Bär & Karrer; Frédéric Mancosu – Bär & Karrer; Tobias Rebmann – Bär & Karrer; Michael Rohrer – Bär & Karrer; Sarah Vettiger – Bär & Karrer; David Weimann – Bär & Karrer; Manuel Bogenreuther – Milbank LLP; Ulrike Friese-Dormann – Milbank LLP; Stefanie Gschoßmann – Milbank LLP; Arne Hammerich – Milbank LLP; Sebastian Heim – Milbank LLP; Alexander Lang – Milbank LLP; Moritz Lichtenegger – Milbank LLP; Barbara Mayer-Trautmann – Milbank LLP; Sebastian Reiner-Pechtl – Milbank LLP; Andreas Rief – Milbank LLP; Alexander Rinne – Milbank LLP; Matthias Schell – Milbank LLP; Svenja Tauchmann – Milbank LLP; Markus von Lutterotti – Milbank LLP;