Walless has advised Mandatum Life on the sale of its life insurance business in the Baltics to the Lithuanian Invalda INVL group.
According to Mandatum Life, the agreement signed on June 15, 2021 is estimated to be completed during the first half of 2022. The Baltic operations consist of three branch operations totaling 83 employees: Mandatum Life Estonia, Mandatum Life Latvia, and Mandatum Life Lithuania.
“In the past year, Mandatum has reviewed its business strategies,” said Petri Niemisvirta, CEO of Mandatum Group. “The focus will be on the Finnish market and on wealth management in Finland and abroad with institutional clients. That is how we will provide our stakeholders with the greatest value. Our business in the Baltics has shown good results both financially and in great personnel and customer satisfaction numbers after its re-organization. Invalda INVL’s offer came at the right time for the company’s strategic changes.”
Walless did not reply to our inquiry on the matter.
Editor’s note: After this article was published, Sorainen informed CEE Legal Matters that it had advised Invalda INVL on the deal. The firm’s team included Partners Mantas Petkevicius and Tomas Kontautas, Counsels Janis Bite, Piibe Lehtsaar, and Monika Malisauskaite-Vaupsiene, Senior Associates Mindaugas Baniulis, Agne Sovaite, and Vitalija Impoleviciene, and Associate Nele Suurmets.
Walless subsequently informed us that their team included Partners Sintija Radionova, Hannes Vallikivi, Rolan Jankelevitsh, Gediminas Reciunas, and Aiste Medeliene, Associated Partners Alina Makovska and Darius Miniotas, Senior Associates Kaisa Uksik and Enrika Tamasauskaite, and Associates Greta Liutkute, Baiba Krievina Sutora, and Kaisa Saarmann.