Erste Group Bank is acquiring a 24.1 percent stake in Banca Comerciala Romania (BCR) from four Romanian investment funds, Bloomberg reports. The eastern European lender will pay a total of $599 million for the acquisition, which will increase Erste’s stake in BCR to 93.5 percent. Four out of the five minority shareholders, known as SIFs, will obtain approximately $145 million for their shares and a stake of as much as 1 percent each in Erste through a share swap. The transaction is pending approval from the funds’ shareholders.
Click here for the story from Bloomberg.
Click here for additional coverage from Reuters.