Clifford Chance Badea advised UK-based PIB Group Europa in the acquisition marking its debut on the Romanian insurance brokerage market

Clifford Chance Badea advised UK-based PIB Group Europa in the acquisition marking its debut on the Romanian insurance brokerage market

Clifford Chance Badea has advised PIB Group Europa, backed by global private equity firms Apax Funds and The Carlyle Group, in relation to the acquisition of Stein Bestasig Insurance Broker, which marks the debut of the UK-based company on the Romanian insurance market.

The transaction had a significant regulatory and local compliance component, involving a highly complex approval process.

Clifford Chance has advised PIB Group throughout the entire transaction, in performing due diligence, negotiation of the envisaged transaction, negotiation of the management structure and relationships, as well as in advising on specific insurance brokerage compliance matters related to the structuring of the transaction.

The team also advised the client in the approval process from the Romanian Financial Supervisory Authority (ASF), as well as the foreign investment approval by the Commission for the Examination of Foreign Direct Investment (CEISD).