Advent, EBRD buy Hypo Balkans for €200m

Heta's SEE network is known as Hypo Group Alpe Adria.

Advent is acquiring an 80% stake, with EBRD picking up the balance. The purchase price currently stands at €200m, subject to certain closing conditions such as the results for the 2014/15 financial year. The minimum price agreed by the parties sits at €50m.

News of a possible sale first came to light in October last year. Heta (then Hypo) was selling its SEE network due to the European Commission's decision in September 2013 to liquidate the bank.

Through the sale, the SEE network is once again fully operational. Advent will own the company through an Austria-based holding company, with Hypo operating under an Austrian banking licence.

Company
Headquartered in Klagenfurt, Hypo Group Alpe Adria is a group of six banks in five SEE countries, namely Bosnia and Herzegovina, Slovenia, Croatia, Serbia and Montenegro.

The network, which comprises 245 bank branches, currently has a balance sheet of €8.4bn and boasts 1.15 million customers. The group employs 3,900 staff.

People
Christian Stoffel is a director in Advent's Frankfurt office. Nick Tesseyman is a managing director for financial institutions at EBRD.

Advisers
Vendor – Deutsche Bank (Corporate finance); Schönherr (Legal); Gleiss Lutz (Legal).

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