CMS Bureau Francis Lefebvre counsel to AXA in the sale of its life-assurance, savings and retirement business in Romania to Certinvest and SIF Transilvania
CMS Bureau Francis Lefebvre advised AXA on the signing of an agreement with Certinvest and SIF Transilvania to sell its life-insurance, savings and retirement business in Romania and to exit the Romanian market. As part of this agreement, Certinvest acquired a 70% stake in AXA’s Romanian subsidiary, AXA Life Insurance S.A., and SIF Transilvania acquired the remaining 30%.
Certinvest is one of the leading independent asset management companies in Romania. SIF Transilvania is an investment company listed on the Bucharest stock exchange.
Both parties have mutually agreed not to disclose the terms of the agreement.
Completion of the transaction is subject to the usual conditions, including regulatory approval.
AXA was advised in this transaction by CMS Bureau Francis Lefebvre and, in particular: Jean-Robert Bousquet (partner), Alexandre Morel and Célia Mayran on corporate matters, Edouard Milhac (partner) in taxation and Nicolas Callies (partner) in social law, in collaboration with CMS Cameron McKenna LLP in Romania with Horea Popescu (partner), Claudia Popescu and Christina Reichman on corporate and regulatory issues under Romanian law.
Certinvest and SIF Transilvania were advised by Popovici Nitu & Asociatii with, in particular, Vlad Neacsu (partner) on corporate and regulatory matters.
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