WARSAW – April 1, 2016 – Greenberg Traurig advised Alior Bank in an agreement to acquire Bank BPH’s core business from affiliates of GE Capital. The agreement was signed yesterday, March 31, 2016. Alior Bank has valued Bank BPH’s core business at PLN 1.5 billion.
The transaction will be conducted by the acquisition of the shares in Bank BPH through a public tender offer followed by demerger of the core business of Bank BPH into Alior Bank. The transaction is to be financed by a rights issue of Alior Bank.
“This is the second transaction, after Meritum Bank, in which Greenberg Traurig is representing us. We highly appreciate our cooperation with the law firm and its role in establishing the innovative structure of the acquisition of Bank BPH. This is just the beginning of our cooperation, the demerger of Bank BPH and the offering of Alior Bank shares are ahead of us," said Wojciech Sobieraj, the President of the Management Board of Alior Bank.
“We are very pleased to have an opportunity to represent Alior Bank in another prestigious transaction. This transaction confirms the position of Greenberg Traurig as a leader in mergers and acquisitions in Poland with a particular focus on the banking and finance sector," added Lejb Fogelman, Senior Partner of Greenberg Traurig’s Warsaw office.
The Greenberg Traurig team is led by Senior Partner Fogelman, Partner Stephen Horvath from the London office, and Partner Łukasz Pawlak.
Completion of the transaction is subject to fulfillment of conditions precedent, including consent of the relevant antimonopoly authority and approvals and clearances of the PFSA. The transaction is expected to be completed by the end of 2016.