International law firm Freshfields Bruckhaus Deringer is advising longstanding client National Bank of Greece (NBG) on an all-share buyout of Greek lender Eurobank. The deal clears the way for a merger to form the country’s biggest lender.
NBG offered 58 new shares for every 100 shares of Eurobank. The combined entity will have total assets of €174 billion, loans of €113 billion and deposits of €85 billion based on their financial statements at end-September 2012 along with a significant presence in Turkey, Romania and Serbia.
The merger has received approval from the Hellenic Republic Competition Commission, subject to fulfilling certain commitments.
Corporate partner Sebastian Lawson, based in Moscow, antitrust, competition and trade partner Andreas von Bonin, based in Brussels, and corporate counsel Mac Mackenzie in London are leading the Freshfields team advising on the deal. Freshfields worked alongside local counsel in eight jurisdictions including Karatzas & Partners (Greece).
Freshfields has a longstanding relationship with NBG having advised it on a series of transactions including the acquisitions of local banks in Bulgaria, Romania, Serbia and Turkey such as the acquisition of Finansbank. This latest deal highlights the firm’s experience in advising financial institutions in relation to regulatory and state aid issues.
