Eurobank, a subsidiary of Eurobank Ergasias Services and Holdings, has increased its stake in Hellenic Bank to 55.3% through a deal worth €275.7m.
In this connection, Eurobank acquired an additional 26.1% stake in the Cyprus-based banking company after securing the relevant regulatory approvals.
Under the terms of the transaction, certain shareholders of Hellenic Bank received €2.56 per share for the nearly 107.7 million shares purchased by Eurobank.
The acquisition involved buying over 71.4 million shares, equivalent to a 17.3% interest, from Poppy for about €182.9m. Eurobank acquired 6.5 million shares, representing a 1.59% stake from funds managed by Senvest Management for nearly €16.8m.
Besides, Eurobank obtained over 28 million shares, accounting for a stake of 6.79%, from Wargaming Group valued at around €71.7m.
Eurobank purchased 857,142 shares, representing a 0.21% interest, from the provident fund for the executive directors of Wargaming Group for nearly €2.2m.
Furthermore, Eurobank acquired 829,103 shares, representing a 0.2% stake, from the provident fund for the senior management personnel of Wargaming Group, totalling about €2.1m.
Before the transaction, Eurobank directly owned over 120.5 million shares, constituting 29.2% of Hellenic Bank’s total issued share capital.
Eurobank has also submitted a mandatory takeover bid to Hellenic Bank’s shareholders to take full ownership of the latter for €2.56 per share in cash.
For the transaction, Axia Ventures Group and Citigroup Global Markets Europe were financial advisers to Eurobank while Milbank, Ioannides Demetriou, Elias Neocleous & Co and PotamitisVekris Law Firm offered legal advice.
Axia Ventures Group and Cyprus Investment and Securities are acting as advisers to Eurobank for the takeover bid.
In May 2024, Hellenic Bank announced a profit of €93m and a net income of €179.3m for Q1 2024.
