mARCH 2012
www.lawyer-monthly.com DEAL REPORT
THE OVERSEAS PRIVATE INVESTMENT CORPORATION HAS PROVIDED $50 MILLION IN FINANCING TO SIGMABLEYZER SOUTHEAST EUROPEAN FUND IV
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has provided $50 million in financing to SigmaBleyzer Southeast European Fund IV, a private equity buyout fund established to make equity and equity-related investments in southeast European private and public companies. The fund has called 100 percent of committed capital from its limited partners and
currently holds a portfolio of four platform investments, including Volia Limited (cable television), Covalact SA (dairy), Elandia Holdings Limited (retail pharmaceutical), and Harmelia Investments Limited (agriculture). This is the first private equity investment made by OPIC in Ukraine since restoring its programs in the country following the signing in December 2010 of an agreement resolving a dispute over an insurance claim paid by OPIC. “The SigmaBleyzer fund will bring new investment into the emerging markets of
Eastern Europe, a goal we all support. It also marks OPIC’s return to Ukraine after the better part of ten years. We are excited about the many new possibilities for OPIC to support private sector development in Ukraine,” said OPIC President and CEO Elizabeth Littlefield. “SigmaBleyzer is excited to partner with OPIC in further extending our ongoing
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Legal Transactions 105
commitment to invest in Ukraine and the other emerging economies of Eastern Europe. We believe there are significant opportunities to develop the companies, and economies, in which we’re invested, and we’re focused on creating value for all of our stakeholders,” said SigmaBleyzer President and CEO michael Bleyzer. LM
DEAL REPORT
OP-POHJOLA TO ACQUIRE SKANDIA LIFE FINLAND
OP-Pohjola Group`s central institution, OP-Pohjola Group Central Cooperative, will acquire Skandia Life Finland`s business from Skandia Life Assurance Company Ltd, a subsidiary of Old Mutual plc. The acquisition will be completed on or about 30 June 2012, provided that the required regulatory approvals can be gained within these timescales. The acquisition will involve the transfer to OP-Pohjola of some 100,000 customers`
unit-linked life and pension policies with total assets of around €1.3 billion (unaudited). “We were very interested when we became aware that Skandia was intending
to exit the Finnish market, as we saw this as an opportunity to expand our service proposition to Finnish customers. The acquiree`s focus on the asset management business is in line with our Group`s strategy. moreover, this deal will bring us a number of new customers,” said Jarmo kuisma, managing Director of OP Life Assurance Company Ltd. “We are very pleased to have reached this agreement with OP-Pohjola as we
believe it is in the best interests of our customers. Old mutual`s decision to sell its Finnish operations is driven by its strategic priority to streamline and simplify its structure. Skandia Life Finland is a profitable operation which is expected to continue to thrive within the OP-Pohjola Group. We look forward to working with OP-Pohjola to ensure a smooth transfer of the business with minimal disruption for our customers,” said Jyrki Thauvon, Skandia Life Finland`s appointed head agent. LM
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