White & Case has advised Intrum AB on the EUR 328 million acquisition and hive-down of the Recovery Banking Unit of Piraeus Bank. Karatzas & Partners and Milbank advised Piraeus Bank.
Intrum will acquire 80% of the shares in the new entity corresponding to a purchase price of EUR 328 million of which EUR 296 million is paid in cash on closing of the transaction with the remainder to be paid if certain financial targets are reached, after year-end 2022. Piraeus Bank will own the remaining 20% of the shares.
The RBU will be hived-down into a separate legal entity valued at EUR 410 million, which will be fully consolidated by Intrum. Over 1,200 bank employees will be transferred to the new business and a EUR 28 billion securitization of non-performing loans will be managed by Intrum.
White & Case's team included, in London, Partners Gavin Weir, Ingrid York, and Stuart Willey, Counsel Richard Blackburn, and Associates Christian Holbrook, Christopher Beardmore, Claire Sackman, Erika Games, Nathaniel Crowley and Elizabeth Emerson; in Frankfurt, Partner Dennis Heuer and Associates Claire-Marie Mallad and Alexander Kreibich; and Stockholm-based Partner Henrik Wireklint.
The Karatzas & Partners team included Partners Alexander Metallinos and Anna Manda, Counsel Angeliki Tsatsi, and Associate Sonia Saranti.
