Sayenko Kharenko acted as a Ukrainian legal counsel on the sale of Fortis Life Insurance Ukraine, the №6 player in the life insurance market in Ukraine, to Horizon Capital. On September 16, 2010 Horizon Capital, a leading regional private equity fund manager, announced that it had reached an agreement to acquire 100% of Fortis Life Insurance Ukraine from its current shareholder Ageas. The transaction is an example of Ageas' continuing portfolio restructuring and follows the sale of their Turkish life and pensions business to BNP Paribas in June 2010.
The move by Horizon Capital is part of its long term strategic plan to extend expansion in the emerging European financial services industry and follows previous ventures with the Universalna Insurance Company in Ukraine, MTBank in Belarus, the Fincombank in Moldova and the Platinum Bank in Ukraine. Ageas is an international insurance company ranked among the top 20 in Europe. Ageas business activities in Belgium, United Kingdom, Continental Europe and Asia make up the largest share of the global insurance market. Horizon Capital is a private equity fund manager that originates and manages investments in mid-cap companies with outstanding growth and profit potential in Ukraine, Belarus and the region. Currently, Horizon Capital manages three funds, Emerging Europe Growth Fund II (EEGF II), Emerging Europe Growth Fund (EEGF) and Western NIS Enterprise Fund (WNISEF), with over $600 million under management.
Sayenko Kharenko corporate team is enjoys a high reputed coupled with a diversified experience of advising Ukrainian insurance companies in the life and non-life insurance segments. Over the years, the firm has advised on M&A transactions involving Dogmat, Investservice, TAS, Veksel, Vesko and other Ukrainian insurance companies; corporate restructurings, such as for the Generali group; and merger clearances, such as for the PPF group, PartnerRe and ParisRe. Sayenko Kharenko team rugularly handles regulatory and operational issues in the insurance sector. Most recently the firm has been involved in the development of a bancassuance arrangement between a major Ukrainian bank and an affiliated insurance company, insurance claims for AIG Ukraine and employment law issues for Generali Garant and PZU.
Sayenko Kharenko team involved in the transaction was led by partner Vladimir Sayenko and included counsel Vitaly Kravchenko and other professionals.