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29 September 2009

Sayenko Kharenko advised on Ukraine merger clearance for USD 2 billion-worth acquisition of Paris Re by Partner Re

Sayenko Kharenko antitrust team assisted PartnerRe Ltd. ("Partner Re") and PARIS Re Holdings Limited ("Paris Re") in obtaining a merger clearance by the Antimonopoly Committee of Ukraine (the "AMC") for the acquisition of Paris Re by Partner Re in an all-stock deal valued at $ 2 billion.

The AMC came to the conclusion that the implementation of the described transaction will not lead to monopolization or significant limitation of competition on any product market in Ukraine.

Partner Re is a provider of risk-assumption solutions for the global insurance and capital markets. The Partner Re Group provides insurance companies with multiple lines of reinsurance — property & casualty, catastrophe, specialty lines, life, and alternative risk transfer — through its offices around the world.

Paris Re is a global provider of reinsurance solutions through its operating subsidiaries located in Switzerland, France, the United States, Singapore and Canada. The company operates in all lines of facultative and treaty reinsurance covering property, casualty, marine, aviation & space, credit & surety, life, accident & health as well as a wide range of other risks. At its formation, PARIS RE acquired essentially all of the active business of AXA RE.

The merger clearance procedure was effectively handled by Sayenko Kharenko competition specialists including counsel Dmitry Taranyk and associate Valentyna Hvozd, supervised by partner Vladimir Sayenko.

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