White & Case Bucharest office on the largest European M&A transaction to date in 2010
WHITE & CASE, PACHIU SCA - 15 November 2010
Banco Bilbao Vizcaya Argentina SA (BBVA), Spain's second largest bank, will buy a 24.9 percent stake in Turkiye Garanti Bankasi AS, Turkey's leading bank, for EUR 4.2 billion.
In order to reach a 24.9% stake in Garanti, BBVA is to acquire an 18.6% stake from General Electric and another 6.3% stake from Dogus Group. BBVA and Dogus will thus control identical stakes in the Turkish bank, allowing them to jointly manage the institution.
Amid these conditions of growth and expansion, BBVA is to implement a €5 billion capital increase through preferred subscription rights to the group's current shareholders. For the deal, BBVA turned to White & Case team led by Asli Bosgoz, Partner with White & Case Istanbul and involving the White & Case's offices in Belgium, Romania, Russia, Turkey and United Kingdom.
Lucian Bondoc, Co-Executive Partner of White & Case Bucharest office coordinated the Romanian aspects of the deal. 'We are proud to have been involved in this transaction which is the biggest European M&A deal to date in 2010 and, according to the Turkish media, the largest Turkish private sector transaction ever. Considering the importance of the assets Turkiye Garanti Bankasi AS holds in Romania, the contribution of the Bucharest team to the signing of this complex transaction was mainly reflected by our substantive assistance particularly with respect to corporate and regulatory matters', Lucian Bondoc stated.
BBVA has operations in mode than 30 countries. In Europe is present in the Iberian Peninsula, France, Germany, Belgium, Switzerland, the U.K., Italy and Russia.
Garanti is Turkey's second largest private bank having a total asset size of US$ 78 billion (end - 2009 figures), serving 9 million customers and employing 17,000 people.
***
White & Case LLP is a leading global law firm with over 2000 lawyers in 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.
Tags: white
transaction
largest
bucharest
euro
PwC and D&B David si Baias provided financial, tax and legal advice in the ROMBAT – Metair transaction on the buy-side
facebook
twitter
linkedin
youtube
rss
newsletter