Poland-based Alior Bank has agreed to buy a 98% stake in Meritum Bank from private equity funds Innova Financial Holdings and WCP Cooperatief, and the European Bank of Reconstruction and Development (EBRD) for $107m (PLN 353m).
The move is subject to approval from the competition authority and state financial supervisor KNF.
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Previously, Innova Financial Holding fund managed by Innova Capital was a 49.9% stakeholder in Meritum, WCP Cooperatief was a 24.1% stakeholder, while EBRD held 23.9% stakes.
Following the agreement, nearly half of the purchase price (PLN 173m) will be paid to Innova Capital and WCP Cooperatief, in the form of new shares issued by Alior Bank.
The present shareholders of Alior Bank cannot participate in the new issue of 2.355m of its shares for Innova Financial and WCP Cooperatief at PLN 73.30 per share.
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