On October 11, 2024, Infinity Capital reported that it had acquired a 20.5% stake in PAID.
“In continuation of the current report no. 8919/11.10.2024, Infinity Capital Investments S.A. informs shareholders and investors that it has acquired, directly and indirectly, 26% of the share capital of PAID S.A., as a result of the purchase by Garvity Capital Investments S.A., in the framework of a public auction held pursuant to Law no. 85/2014 regarding insolvency prevention and insolvency procedures, of 1,063,800 shares, totaling 11,399,340.80 lei,” the report reads.
According to the report, “the funds necessary for the payment of these shares came as a result of the increase in the share capital of Gravity Capital Investments S..A., through a cash contribution, within which Infinity Capital Investments S.A. subscribed a number of 1,100,000 shares, totaling 11,000,000 lei. The exercise of specific shareholder rights will be carried out after the approval by the Financial Supervisory Authority of the quality of significant shareholder and the related acquisition project.”
Infinity Capital Investments has a market value of RON1.185 billion.
PAID is a privately-held insurance-reinsurance company established in 2009 through the association of 13 insurance companies (Ardaf, ABC Asigurari, Astra Asigurari, Carpatica Asig, Certasig, City Insurance, Credit Europe Asigurari, Euroins Romania, Generali, Grawe Romania, Groupama Romania, Platinum Asigurari and Uniqa Asigurari), shareholders of PAID. PAID concludes mandatory home insurance policies under the provisions of Law no. 260/2008 and administers the mandatory home insurance system, which covers three basic risks specific to Romania, namely, earthquakes, floods and landslides.