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Together with partners Invalda LT has signed Finasta group share purchase agreement

Invalda LT, one of the leading companies in Lithuania investing in other businesses and managing assets together with partners has signed the Finasta group Share Purchase Agreement on 4 November 2014. A total of EUR 7 million will be paid for the Finasta group (the final price may be higher or lower depending on the changes in Finasta bank equity until the final closing of the deal).

Invalda LT will acquire 78.28 percent of both bank Finasta and financial brokerage company Finasta shares and will gain 100 percent of asset management companies Finasta Asset Management in Lithuania and Latvia. The price paid for the shares bought by Invalda LT amounts to EUR 6.131 million. The final closing of the deal is expected once the relevant permissions from Lithuanian Competition Council and Latvian Financial and Capital Market Commission are obtained. The above mentioned permissions have already been applied for.

“We hope that the deal will give Finasta stability and will strengthen clients’ trust”, – Darius Sulnis, the president of Invalda LT, said. According to him, bank Finasta and financial brokerage company Finasta are being acquired together with Audrius Ziugzda and other partners.

“The acquisition of asset management companies in Lithuania and Latvia will add almost 100 thousand clients and about EUR 170 million assets under management and will broaden our main asset management business”, – said D. Sulnis.

In September 2014 Invalda LT has also acquired a specialised pension funds management company MP Pension Funds Baltic.

Finasta group includes Bank Finasta, Finasta Asset Management, financial brokerage company Finasta and Latvian company Finasta Asset Management. The equity capital of these companies in the end of 2013 amounted to EUR 7 million.