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26 October 2018

Sayenko Kharenko advises the world’s leading insurance company on sale of companies in Ukraine

Sayenko Kharenko has advised AXA Group (France), a global leader in insurance and asset management, and UkrSibbank on the sale of PrJSC “Insurance company “AXA Insurance” and ALC “Insurance company “AXA Life Insurance” to Fairfax Financial Holding Limited (Canada).

Sayenko Kharenko provided a wide-range transactional support on Ukrainian law matters, including advising on multiple Ukrainian law issues, preparing and analyzing transactional and regulatory documents, advising on legal due diligence of the companies conducted by the buyer, negotiating with state authorities, etc.

Completion of the transaction is subject to customary closing conditions (pre-completion obligations), including the receipt of regulatory approvals from the Antimonopoly Committee of Ukraine and the National Commission for State Regulation of Financial Services Markets.

AXA Group is the worldwide leader in insurance and asset management. AXA has over 160,000 employees worldwide, serving over 105 million clients in 62 countries all over the world. In 2017, IFRS revenues amounted to EUR 98.5 billion and IFRS underlying earnings to EUR 6.0 billion. AXA had EUR 1,439 billion in assets under management as of December 31, 2016. AXA Group companies are also long-term leaders in the Ukrainian market in the field of P&C and life insurance.

International holding company Fairfax Financial Holdings Limited, headquartered in Toronto, Canada, has been engaged in insurance, reinsurance and investment management since 1985. The company is listed on the Toronto Stock Exchange (FFH: CN) with a market capitalization of USD 15.1 billion. The company’s investment portfolio amounts to USD 39.4 billion, gross assets stand at USD 65.1 billion and share capital is USD 18.4 billion. In 2017, the company earned USD 1.74 billion. Mr Prem Watsa has been the chairman and chief executive of the holding since 1985. The holding is present in 40 countries worldwide.

Sayenko Kharenko`s project team was led by counsel Sergiy Kazmirchuk with support from associate Mykola Lykhoglyad under the overall supervision of partner Vladimir Sayenko.

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