Our team advised on the corporate and M&A implications of the transaction, as well as on the full spectrum of capital markets issues, considering that both Erste Group Bank and SIF Oltenia are listed on the Bucharest Stock Exchange. Deputy Managing Partner Stefan Damian and Partner Silvana Ivan led the deal for the buyer.
Further to the acquisition of the minority stake of 6.29% from SIF Oltenia (an investment company), Erste Group’s participation in BCR is set to increase to 99.88%. The remaining 0.12% shares in BCR are held mainly by former and current BCR employees.
Subject to the successful completion of Erste Group and SIF Oltenia’s corporate and regulatory approval processes (Extraordinary General Meeting of Shareholders in SIF Oltenia’s case, Supervisory Board and European Central Bank in Erste Group’s case), the purchase will be implemented in a single sale-purchase transaction.
The parties signed the sale-purchase agreement on August 16th, 2018.
(According to the information provided by https://www.erstegroup.com/en/news-media/press-releases/2018/06/25/erste-group-sif-oltenia-agreement-alias and http://www.bvb.ro/FinancialInstruments/SelectedData/NewsItem/SIF5-Semnare-contract-de-vanzare-cumparare-a-pachetului-de-actiuni-detinut-la-BCR/02AAE)