Quercus signs a conditional agreement to acquire 49 per cent of Open Life

The Quercus group has signed a conditional agreement to acquire 49 per cent of Open Life Towarzystwo Ubezpieczeń Życie. Quercus Agent Transferowy, a subsidiary of Quercus TFI, is the prospective buyer. The seller is the trustee of Open Finance’s bankruptcy estate. Signed on 3 November, the agreement covers 46.795 million shares for approximately PLN 14.8 million.

Signing does not transfer ownership or trigger payment of the price. Completion requires the antitrust condition to be satisfied, creditors’ council approval and the absence of an objection from KNF or an appropriate supervisory decision. UOKiK clearance is required if applicable under merger-control rules.

The long-stop date is 4 November 2027, with an extension of up to six months under the agreement. Funding is to come from the group’s own resources, potentially including a capital increase at the purchasing company.

The buyer will also offer investor commitments to KNF, including financial support for the insurer if necessary. This is a new contractual stage in a previously announced process, rather than a completed acquisition. It does not announce changes to policies or transfers of customer contracts. Any ownership change remains subject to the required conditions and further steps.