Cerberus and Centerbridge offer €600m for NordLB

NordLB received a joint bid from two financial investors last Friday following the launch of a formal bidding process last autumn. Unquote sister publication Mergermarket reported the bidders to be Cerberus and Centerbridge, each paying half the offer price.

Cerberus is currently deploying capital from Cerberus Institutional Partners VI. The fund invests across private equity, non-performing loans, corporate credit and distressed debt.

Centerbridge is currently deploying from its Centerbridge Capital III fund, which closed on $6bn in 2014 and was 58% deployed as of March 2018, according to Unquote Data.

Thomas Bürkle, CEO of NordLB, said the offer will be thoroughly evaluated and he is also open to a public sector plan.

The bank suffered losses in excess of €1bn in 2016 on its shipping loan portfolio. Mergermarket reported that NordLB requires €3.5bn as part of a strategy to strengthen its balance sheet.

Cerberus acquired a 40.33% stake in the German bank HSH Nordbank in 2018 for approximately €400m. The firm also took a 3% stake in listed Deutsche Bank in 2017 and owns 5% of Commerzbank.

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• Topics
• Buyouts
• DACH
• Financials
• Cerberus Capital Management
• Germany
• Large-cap buyout