AmCham and PwC share the same values and targets to achieve socially.
Zlata Elksnina-Zascirinska, Country Managing Partner at PricewaterhouseCoopers
The transaction represents the largest majority stake acquisition of a universal bank by private equity in the last decade globally, and one of the largest M&A transactions in Baltic history.
According to Nils Melngailis, Chairman of the Board of Luminor Group AB, Blackstone's strong relationships within the financial services industry, as well as their long and successful history of supporting entrepreneurial businesses make them an ideal new partner for Luminor.
"Our strategy is to provide next generation financial services through the launch of innovative products and services tailored to the Baltic market. Blackstone's investment is fully aligned with the bank's vision, and their support will both strengthen and accelerate the execution of our strategy to become the leading independent financial group focused on the Baltic region.
This transaction represents a significant foreign direct investment in the region and as one of the largest private equity deals in Baltic history, Blackstone's decision to invest in Luminor represents a validation of our strategy and is a vote of confidence in the economic outlook for Estonia, Latvia and Lithuania. Our long-term plan also remains to seek a stock exchange listing subject to prevailing market conditions," said Melngailis.
We are very pleased to be part of AmCham and are looking forward to driving innovation forward in Latvia.
Mikko Fernström, General Manager, Biogen Latvia