Etera’s Merger into Ilmarinen
We were the legal advisor to Ilmarinen Mutual Pension Insurance Company in its planned merger with Etera Mutual Pension Insurance Company. Ilmarinen and Etera signed a merger agreement on 29 June 2017 under which Etera will merge into Ilmarinen. The merger will be completed when the general meetings of Ilmarinen and Etera as well as the authorities have approved it. The Finnish Competition and Consumer Authority has already deemed that there is no competition law obstacle to approving the transaction. The plan is to complete the merger on 1 January 2018.
The merger will create a solvent and cost-effective earnings-related pension company with the most competitive client benefits in the sector. By combining the strengths of each company, the goal is to build an innovative and agile service company that offers even more diverse and higher-quality services than before.
The pension assets of the new company would be more than EUR 44 billion. It would manage the pension cover of more than 1.1 million Finns – the total number of insured coming to over 675,000 and pensioners numbering 460,000.