Deal closed: we advised Blackstone on completing the acquisition of a majority stake in Luminor bank for EUR 1 billion
On September 30, 2019 after approvals from the Baltic regulators, the European Commission and the European Central Bank, the US private equity giant Blackstone Group has closed acquisition of a 60 % majority stake of Luminor shares, one of the leading banks in the Baltics, from its owners Nordea Bank and DNB bank for EUR 1 billion.
Nordea Bank and DNB bank will retain an equal 20 % equity stake in Luminor. Additionally, Blackstone has entered into an agreement with Nordea to purchase their remaining 20 % stake over the coming years.
Ellex together with the global law firm Allen & Overy advised Blackstone on the acquisition of bank Luminor. The Ellex team was led by partner Sven Papp and senior associate Alla Kuznetsova in Estonia. This deal is the largest M&A deal in Baltic history.
Luminor was created through a merger of Nordea bank and DNB bank in the Baltics in 2017. It is the third largest bank in the Baltic region.
Blackstone is one of the world’s leading investment firms founded in 1985. The firm has over 24 offices with 2 500 employees worldwide. The portfolio companies employ over 400 000 people across the globe.
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