EU – Baltic States, Financial Services, Lithuania, Mergers and take-overs, Technology, USA

Storebrand and Cognizant have entered into a long-term strategic partnership agreement, which involves the sale of 66% of shares in Lithuania’s Storebrand Baltic to the US company for an undisclosed amount. It is expected that this part of the agreement will give a positive result effect of around 50 million krone (EUR 5.37 mln) in the first quarter of 2016, depending on the closing date, Storebrand said in a filing to the Oslo stock exchange.

The first stage of the partnership will include business processes and IT development delivered by Storebrand Baltic today.

“… through this agreement we will take innovation and digitization of our business to a new level,” Storebrand CEO Odd Arild Grefstad said in a press release.

Storebrand opened its Lithuanian unit in November 2013. In April, Storebrand Baltic, which aims to increase its workforce to 400 by the end of the year, opened a training center in Vilnius.