Firm agrees first financial services deal for two years.
Horizon Capital, a private equity fund specialising in emerging Europe, has agreed to buy Fortis Life Insurance Ukraine from international insurance company Ageas.
The transaction is set to complete by the end of the year and will be the firm’s first deal in the financial services market since the start of the global downturn in late 2008.
The terms of the deal have not been disclosed, but it will be funded from Horizon’s US$390mn EEGF II fund.
Fortis Life is set to become part of a portfolio of financial services businesses that includes Platinum Bank and Universalna Insurance in Ukraine as well as Belarus’ MTBank and Moldova’s Fincombank.
Horizon’s co-managing partner, Natalie Jaresko, says the target company is well positioned to capture a “considerable” share of an underpenetrated market.
Gijs Jeuken, Fortis Life’s chief executive, adds that in Horizon the company has found a long-term investor with a strong regional presence and solid expertise in the financial sector. “This is an exceptional opportunity for us to grow the company and make it the first choice for our clients.”
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