Getin Holding to buy VB Leasing’s Romanian and Polish units for EUR 38.9 mln

Newsroom 16/05/2014 | 11:51

Polish financial group Getin Holding, owner of Romanian International Bank, said on Friday it had agreed to buy Austrian VB Leasing’s Polish and Romanian units for 163 million zlotys (EUR 38.9 million) to become Poland’s largest leasing firm.

“The transaction should be finalised in the next three months and the units should be consolidated in the third quarter,” Getin Holding’s Chief Executive Officer Rafal Juszczak said.

Getin plans to finance the purchase partly with debt. It also agreed to secure 3.2 billion zlotys for the two units to repay VB Leasing’s financing. The group will pay 53 million zlotys (EUR 12.4 million) for VB Leasing Romania and 111 million zlotys (EUR 26.5 million) for VB Leasing’s Polish units.

VB Leasing Romania ranks among the top six leasing companies in Romania and generated an annual profit before taxes of EUR 12.9 million in 2013.

Getin Holding was advised by law firm Tuca Zbarcea & Asociatii in Romania and by Domanski Zakrzewski Palinka in Poland. The local team of lawyers was coordinated by Cristian Radu, partener and Gabriela Anton, managing associate.

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