HPP advised Etera Mutual Pension Insurance Company on the planned merger with Ilmarinen. HPP advised Etera in all legal matters related to the merger negotiations and the merger agreement, as well as in other legal matters related thereto.
The employment pension insurance companies Ilmarinen and Etera intend to merge on January 1, 2018. As a result of the merger, the company constitutes a cost-effective employment pension company with a good financial standing, which has the most competitive customer benefits within its industry. By combining the strengths of the both companies the aim is to create an innovating and agile service company, which offers services with even more higher-quality and diversity. The Boards of Directos of Etera and Ilmarinen have accepted the merger agreement on June 29, 2017 according to which Etera will merge into Ilmarinen.
After the completion of the arrangement, the combined company will provide a pension cover for over a million Finns. The combined company will become the largest employment pension provider for the private sector in Finland, measured both in number of clients and in premium income. Its pension funds are over 44 billion euros.
The completion of the arrangement is subject to approval by the Extraordinary General Meetings of companies as well as approvals by the authorities.