Norton Rose Fulbright has advised German financial services group Wustenrot & Wurttembergische AG (W&W) on the sale of its Czech subsidiaries to Allianz Group pojistovna, a.s. (Allianz).

The sale of the two subsidiaries – non-life insurer Wustenrot pojistovna and life insurer Wustenrot zivotni pojistovna – will be effective retroactively as of January 1, 2015. The transaction is still subject to competition clearance and the approval of the Czech National Bank.

Alongside the sale, the parties have entered into long term distribution agreements for insurance and banking products from W&W’s Czech building savings bank and mortgage bank.x

Norton Rose Fulbright advised on all aspects of the bidding process and the transaction as well as the terms of the distribution agreement.

The Norton Rose Fulbright team in Munich was led by corporate insurance partner Eva-Maria Barbosa and included partners Andreas Börner (corporate insurance) and Igsaan Varachia (tax). They were assisted by Rima Höche (corporate insurance) and Andreas Berberich (tax). Czech law advice was provided by Pavel Kvicala and Pavel Nemecek of Havel, Holásek & Partners s.r.o., assisted by Zuzana Hajkova and Eva Hadlikova.

W&W is a longstanding client of Norton Rose Fulbright. The Munich team has advised all of W&W Group’s M&A transactions in the past seven years.