Published: 2018-03-21 08:30:00 CET
LHV Group
Company Announcement

LHV Group has received an offer of acquisition of UAB „Mokilizingas“

AS Inbank has made an offer to acquire 100% of the shares of UAB „Mokilizingas“ from its current shareholders AS LHV Group and UAB “Inovatyvūs prekybos sprendimai”.

The sides will not disclose details of the offer as the supervisory boards of the companies will need to approve the agreement first.

UAB „Mokilizingas“ belongs to the consolidation group of AS LHV Group. 50% + 1 share of the company belongs to LHV Group. Mokilizingas is a leading consumer finance services provider in Lithuania with the second largest market share of 40% in the hire-purchase segment. The company has in Lithuania over 2000 partners, approximately 250 thousand customers and over 100 thousand active contracts. In addition to Lihthuania, Mokilizingas also services strategic partners in Latvia.

The possible transaction would not be considered a transaction between related persons.

Comments by Madis Toomsalu, CEO of AS LHV Group:
„Mokilizingas is a well-functioning profitable company. The offer to acquire 100% of UAB „Mokilizingas“ made by Inbank is a serious offer, that is a result of long-term negotiations. In this case we are notifying investors of the fact, we have received this offer, in order to reach a transaction all agreements made during further negotiations have to be resolved by the councils of different sides of the deal. The probability of reaching a final agreement may be considered high. The possible acceptance of the offer and its possible effect on LHV will be disclosed with a separate announcement.

The substance of the offer has been motivated by Inbank’s ambition to broaden the company’s geographical reach and by LHV’s will to focus on fulfilling its strategical objectives both in Estonia and in London. We are ongoingly consentrating on Estonia as our primary market, but we also see ourselves as a financial service provider to new generation fintech companies.“

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus. LHV employs over 360 people and over 135,000 customers use LHV’s banking services. Pension funds managed by LHV have over 176,000 active customers.