Biggest deals of 2015 in Romania | Financial services, including Private Equity and Operational Leasing

Here are the main deals in the Financial services, including Private Equity and Operational Leasing sectors that were registered last year. For a forecast regarding the M&A market this year, you can read this exclusive article.

FINANCIAL SERVICES

Transaction: UniCredit Bank Austria AG acquires a 45 per cent shareholding interest in UniCredit Tiriac Bank S.A.

Value of transaction: EUR 700 million

Legal team buyer: Wolf Theiss (for UniCredit Bank Austria AG)

Legal team seller: PeliFilip (for Tiriac Holdings Ltd.)

Description: UniCredit Bank Austria AG (UCBA) bought a 45 percent shareholding interest in UniCredit Tiriac Bank S.A. from Tiriac Holdings Ltd. As a result, UCBA’s equity stake in Tiriac Bank increases from 50.6 per cent to 95.6 per cent. The deal was closed on June 5, 2015.

Transaction: Banca Transilvania takes over Volksbank Romania

Value of transaction: N/A

Legal team buyer: PeliFilip

Legal team seller: Schoenherr

Description: Banca Transilvania has concluded the takeover of Volksbank Romania, BT said that 10 percent out of the 2.2 million customers came from Volksbank, as well as 400 employees of the total 7,300 people that are employed by BT. Volksbank customers benefited from a reduction of their total debt by RON 1.5 billion, due to the refund of the risk fee for loans.

BT’s assets rose by 10.6 percent to RON 39 billion at the end of September 2015 against the end of 2014.

Transaction: Piraeus Bank sells EUR 200 million portfolio of NPLs to Kruk Romania

Value of transaction: N/A

Legal team buyer: N/A

Legal team seller: N/A

Description: Piraeus Bank sold an unsecured, retail and SME portfolio of non-performing loans (“NPL”) to Kruk Romania.

Transaction: The Foundations 1.0 SEE buys 50 percent of Otto Broker de Asigurare si Reasigurare

Value of transaction: EUR 4 million

Legal team buyer: Bulboaca &Asociatii

Legal team seller: BPV Grigorescu

Description: The Foundations 1.0 SEE, a fund dedicated to SEE investments has acquired a participation of 50 percent in Otto Broker by investing a development capital of up to EUR 4,000,000 in several tranches correlated to the business plan of the company and with a view of reaching a solid build-up target.

Transaction: Banca Comerciala Romana (BCR) and BCR Leasing sell NPLs portfolio to international consortium

Value of transaction: up to EUR 150 million

Legal team buyer: Țuca Zbârcea & Asociații; KPMG provided advisory services for the consortium

Legal team seller: Schoenherr, acting as legal advisor for Banca Comerciala Romana (BCR) and BCR Leasing

Description: Romania’s top lender Banca Comerciala Romana (BCR), controlled by Austria’s Erste Group, sold a corporate non-performing loan package worth EUR 1.2 billion to a consortium comprising Deutsche Bank, International Finance Corporation (IFC) and APS Holding.

Transaction: UniCredit Bank sells NPLs portfolio to Kredyt Inkaso

Value of transaction: around EUR 30 million

Legal team buyer: N/A

Legal team seller: NTMO in association with KPMG Legal

Description: UniCredit Bank sold a portfolio of non-performing loans worth EUR 340 million to Polish debt collection company Kredyt Inkaso.

Transaction: Willis Group Holdings plc takes over 70 percent stake in Gras Savoye

Value of transaction: EUR 550 million

Legal team buyer: Clifford Chance

Legal team seller: N/A

Description: Willis Group Holdings plc, the global risk adviser, insurance and reinsurance broker announced that it has made a firm offer to acquire 70 percent of Gras Savoye. Willis already holds a 30 percent stake in the company. The remaining stake in Gras Savoye will be acquired from Astorg Partners and the historic founding Families of Gras Savoye, the leading French insurance broker, which has a strong global presence, especially in Africa. The purchase price of the 70 percent stake, includes the repayment of third party debt (estimated to be EUR 40 million).

PRIVATE EQUITY

Transaction: Abris Capital Partners becomes shareholder of Pehart Group

Value of transaction: N/A

Legal team buyer: (Abris Capital Partners) Clifford Chance Badea

Legal team seller: N/A

Description: Private Equity regional fund Abris Capital Partners became a shareholder of Pehart group, a leading Romanian-based paper manufacturer with operations in the region (exporting to Hungary, Ukraine, Bulgaria, Czech Republic, Slovakia, Macedonia, Germany, etc.).

OPERATIONAL LEASING

Transaction: Business Lease Group buys Fleet Management Services

Value of transaction: N/A.

Legal team buyer: Wood Lupașcu Dumitrescu & Asociații

Legal team seller: Popovici Nițu Stoica & Asociații

Description: Business Lease Group bought Fleet Management Services, one of the pioneers of the operational leasing and fleet management in Romania. With a portfolio of over 3,000 contracts, the company is the largest independent supplier in its field of activity, serving both local and international companies from different industries.

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