A total of LTL 24.2 million (EUR 7 million) will be paid for the Finasta group (the final price may be higher or lower depending on the changes in Finasta bank equity until the final closing of the deal), the company has announced in a statement.
Invalda LT will acquire 78.28 percent of both bank Finasta and financial brokerage company Finasta shares and will gain 100 percent of asset management companies Finasta Asset Management in Lithuania and Latvia. The price paid for the shares bought by Invalda LT amounts to LTL 21.2 million (EUR 6.131 million). The final closing of the deal is expected once the relevant permissions from Lithuanian Competition Council and Latvian Financial and Capital Market Commission are obtained. The above mentioned permissions have already been applied for.
Finasta group includes Bank Finasta, Finasta Asset Management, financial brokerage company Finasta and Latvian company Finasta Asset Management. The equity capital of these companies in the end of 2013 amounted to LTL 24.2 million (EUR 7 million). Asset management companies in Lithuania and Latvia have almost 100 thousand clients and about LTL 587 million (EUR 170 million) assets under management.