Market announcement
AS LHV Group
LEI code
529900JG015JC10LED24
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Other price sensitive information
Unique data record identifier
5499
Submission date and time
02.05.2016 08:45:00
Content of announcement in Estonian
Title
AS LHV Varahaldus viib lõpule Danske Bank A/S-i Eestis asuva varahaldusettevõtte Danske Capital AS-i ostutehingu
Message
Täna, 2. mail 2016, viiakse lõpule tehing, millega AS-i LHV Group
tütarettevõtja AS LHV Varahaldus ostab 100% Danske Bank A/S-ile kuuluva Danske
Capital AS-i aktsiatest. Aktsiate müügileping sõlmiti 29. jaanuaril 2016.
Veebruaris suurendas AS LHV Varahaldus tehingu finantseerimiseks 8,243 miljoni
euro võrra aktsiakapitali, emiteerides uusi aktsiaid emaettevõtjale AS-ile LHV
Group. Samuti ostis AS LHV Group summas 0,6 miljonit eurot AS-i LHV Varahaldus
allutatud võlakirju. Danske Capital AS-i 100%-lise osaluse esialgseks hinnaks
kujunes 11,0 miljonit eurot, mis koosneb fikseeritud summast 6,6 miljonit eurot
ning omakapitali väärtusest märtsi lõpu seisuga. Lõplik hind määratakse tehingu
järgselt 45 tööpäeva jooksul, peale Danske Capital AS bilansi auditeerimist 30.
aprilli seisuga.
Tehingu järgselt alustatakse kahe varahaldusettevõtte Danske Capital AS-i ja
AS-i LHV Varahaldus ühendamist. Ühendavaks ühinguks on AS LHV Varahaldus ja
ühendatavaks ühinguks on Danske Capital AS. Notariaalne ühinemisleping
sõlmitakse ja avalikustatakse 3. mail 2016. Ühinemine jõustub pärast
Finantsinspektsioonilt ühinemisloa saamist. Pärast ühinemist loetakse Danske
Capital AS-i tegevus lõppenuks ja ühendav äriühing jätkab Aktsiaselts LHV
Varahaldus nime all. Ühinemise järgselt AS-i LHV Varahaldus tegevused,
tehniline korraldus ja struktuur võrreldes ühinemiseelse seisuga olulisel
määral ei muutu.
Pärast plaanitult III kvartalis jõustuvat ettevõtete ühinemist kavatseb LHV
Varahaldus alustada sarnase strateegiaga pensionifondide ühendamist. Arvestades
ettevõtete ja hiljem sarnase investeerimisstrateegiaga pensionifondide
ühendamise kava, muudetakse Danske Capitali tegevused, struktuur ja tehniline
korraldus juba enne ühinemist LHV Varahalduse tegevuste, struktuuri ja
tehnilise korraldusega sarnaseks. Muuhulgas nimetatakse AS-i Danske Capital
juhtkonda samad isikud, kes on AS-i LHV Varahaldus juhtkonnas (nõukogus Erkki
Raasuke, Andres Viisemann, Erki Kilu ning juhatuses Mihkel Oja, Joel Kukemelk).
Senised AS-i Danske Capital nõukogu ja juhatuse liikmed kutsutakse tagasi. AS-i
Danske Capital nõukogu otsustab siseauditi funktsiooni täitmise edasiandmise
AS-ile LHV Varahaldus ja siseaudiitoritele Relika Mell ning Karin Kuusk.
„Tänase tehingu järgselt kasvab LHV-s II sambasse koguvate klientide arv 30%
võrra ning pensionifondide maht suureneb 40% võrra. Varahaldusettevõtete
ühendamisega liigume sihil pakkuda II samba pensionifondide klientidele
parimat pikaajalist investeerimisteenust,“ ütles LHV Varahalduse juhatuse
esimees Mihkel Oja.
Danske Capital AS valitseb kolme kohustuslikku ja kaht vabatahtlikku
pensionifondi. Danske Capitali valitsetavate pensionivarade maht on ostutehingu
hetkel 250 miljonit eurot ning Danske kohustuslikes pensionifondides on 39
tuhat aktiivset klienti. LHV Varahaldus valitseb viit kohustuslikku
pensionifondi, üht vabatahtlikku pensionifondi, üht eurofondi ning osutab
investeeringute juhtimise teenust ühele Luksemburgis asutatud eurofondile. LHV
pensionifondidel on üle 130 tuhande aktiivse kliendi ning juhitavate fondide
maht on 610 miljonit eurot.
AS LHV Varahaldus ja AS LHV Group on saanud Finantsinspektsioonilt loa olulise
osaluse omandamiseks ning AS LHV Varahaldus ja Danske Capital AS on saanud
Konkurentsiametilt loa koondumiseks, mis olid tehingu lõpule viimise
eeltingimusteks.
Priit Rum
LHV kommunikatsioonijuht
Telefon: +372 502 0786
E-post: [email protected]
Julia Garanža
Kommunikatsiooni- ja turundusjuht
AS LHV Varahaldus
Telefon: 5668 1622
E-post: [email protected]
Content of announcement in English
Title
AS LHV Varahaldus finalizes the purchase of Danske Capital AS, Danske Bank A/S’s Estonian-established asset management company
Message
Today, on 2nd May 2016, the transaction is finalized as a result of which a
subsidiary of AS LHV Group, AS LHV Varahaldus shall purchase 100% of the shares
of Danske Capital AS from Danske Bank A/S. The share purchase agreement was
signed on January 29, 2016. In order to finance the transaction, AS LHV
Varahaldus increased its share capital in February by EUR 8.243 million,
issuing new shares for its parent company, AS LHV Group. Additionally, AS LHV
Group purchased subordinated bonds of AS LHV Varahaldus in the amount of EUR
0.6 million. The preliminary price for the 100% shareholding in Danske Capital
AS has been set at EUR 11.0 million with the price consisting of a fixed amount
of EUR 6.6 million and the size of the equity capital as at the end of March.
The final price shall be determined within 45 business days following the
transaction after the balance sheet of Danske Capital AS as at 30 April has
been audited.
Following the transaction, the merger of the two asset management companies -
Danske Capital AS and AS LHV Varahaldus – shall be initiated. Of the merging
companies, the receiving company shall be AS LHV Varahaldus and the
transferring company, Danske Capital AS. A notarised merger agreement shall be
entered into and published on May 3, 2016. The merger shall become effective
after an authorisation for the merger has been granted by the Estonian
Financial Supervision Authority (Finantsinspektsioon). Following the merger,
Danske Capital AS shall be deemed to be dissolved, and the receiving company
shall continue its activities under the name of Aktsiaselts LHV Varahaldus.
There shall be no material change in the activities, technical setup or
structure of AS LHV Varahaldus following the merger, compared to those prior to
the merger.
After the merger of the companies, expectedly becoming effective in Q3, LHV
Varahaldus plans to begin the process of merging the pension funds of similar
investment strategy. Considering the plan to merge the companies and later on
the pension funds of similar strategy, the operations, structure and technical
setup of Danske Capital AS shall be matched to those of AS LHV Varahaldus
already prior to the merger. Inter alia, the managers of AS LHV Varahaldus
shall be appointed to the same positions in Danske Capital AS (Erkki Raasuke,
Andres Viisemann, Erki Kilu on the supervisory board, and Mihkel Oja, Joel
Kukemelk on the management board). The existing members of both the supervisory
and management board of Danske Capital AS shall be removed. The supervisory
board of Danske Capital shall decide on outsourcing the internal audit function
to AS LHV Varahaldus and its internal auditors Relika Mell and Karin Kuusk.
“After today’s transaction, the number of clients saving in the LHV II pillar
pension funds shall be increased by 30% and the volume of LHV pension funds
shall be increased by 40%. The merger of the asset management companies
contributes to our goal of providing the best long-term investment service to
the clients of the II pillar pension funds,” said Mihkel Oja, the chairman of
the management board of LHV Varahaldus.
Danske Capital AS manages three mandatory and two voluntary pension funds. As
at the moment of the transaction, Danske Capital manages pension assets in the
amount of 250 million euros with 39 thousand active clients belonging to Danske
mandatory pension funds. LHV Varahaldus manages five mandatory pension funds,
one voluntary pension fund, one UCITS and provides investment management
services for a UCITS established in Luxembourg. There are over 130 thousand
active clients in LHV pension funds with the AUM of the management company
currently being EUR 610 million.
AS LHV Varahaldus and AS LHV Group have received an authorisation for the
acquisition of a qualifying holding from the Estonian Financial Supervision
Authority and AS LHV Varahaldus and Danske Capital AS have received an
authorisation for concentration from the Competition Authority, both of which
were conditions precedent for the finalization of the transaction.
Priit Rum
Communication Manager
GSM: +372 502 0786
Email: [email protected]
Julia Garanža
Communications and Marketing Manager
AS LHV Varahaldus
GSM: +372 5668 1622
Email: [email protected]