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Maciej Krokosi艅ski Partner, Audit & Business Advisory Baker Tilly TPA E-mail
Monika Stachurska-Waga Senior Manager, Tax Advisory TPA Poland E-mail

GrECo is merging with MAI CEE. The Polish team of Baker Tilly TPA advised the buyer on an outstanding transaction in the insurance sector

Insurance broker GrECo has acquired 100% of shares in MAI CEE Ltd., one of the largest specialty insurance brokers in Central and Eastern Europe. The key partner to support GrECo during this transaction, coordinating the work of 15 finance and tax teams, was the Polish team of Baker Tilly TPA headed by Maciej Krokosinski and Bartosz Zio艂o.

Following the merger, the company will operate under the name GrECo. The merger will enable it to become the leader in providing professional risk and insurance management and employee benefits advisory services in Central and Eastern Europe. GrECo has operated in Eastern Europe since 1989 and since then has achieved market leadership, hiring more than 1,000 employees in 16 countries.

鈥淭he acquisition of MAI CEE Ltd. by GrECo was a complex undertaking, requiring efficient cooperation on the international level. We had the pleasure of advising GrECo on this project with financial and tax due diligence services. The scale of the entire project is reflected in the fact that our advisory work was conducted in close cooperation with teams consisting of Baker Tilly experts from 8 countries (Poland, UK, Russia, Romania, Lithuania, Latvia, Hungary, Czech Republic),鈥 explained Maciej Krokosi艅ski, Associate Partner, Audit and Transaction Advisory, Baker Tilly TPA.

Maciej also commented: 鈥淏y working on such projects, we can take full advantage of our international experience and transactional expertise by achieving high economies of scale. Of tremendous importance is the fact that we are a global company, so when conducting projects on an international level, we can fully benefit from the support of our colleagues from other countries. As a result, the Client receives comprehensive advice and full support, which allows for objective identification of all key risks and effective analysis of the areas of a given transaction. This is very important because only such a comprehensive advisory approach is a guarantee that all parties to the transaction will be protected. The support of our teams undoubtedly provides such a guarantee.鈥

鈥淚n particular, I would like to thank GrECo, who chose our multidisciplinary team to be their advisor. Congratulations and thanks are also due to all members of the 15 teams from 8 countries. Successful execution of such a transaction is another confirmation that we are a mature company with an established position in the market, which can boast of excellent results in the conducted projects, both domestic and international. The bigger the project, the more complex it is, and the greater its scope, the more it allows our experts to make the most of their skills. This is undoubtedly something to be proud of,鈥 said Monika Stachurska-Waga, Senior Manager, Tax Advisory, TPA Poland, responsible for tax due diligence processes of the Polish companies of the MAI CEE Group.

The deal took place on September 14, 2021; the parties agreed that the value of the transaction will not be disclosed. The closure of the entire process depends on approvals of relevant regulatory authorities.

Our expert

Maciej Krokosi艅ski Partner, Audit & Business Advisory Baker Tilly TPA Contact