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A&O advises Blackstone on majority stake acquisition in Luminor Bank

 

13 September 2018

LONDON – Allen & Overy is advising private equity funds managed by Blackstone (“Blackstone”) on the acquisition of a 60% stake in Luminor Bank for EUR1 billion.  

Blackstone leads a consortium of investors comprising funds managed by Blackstone and other long-term institutional investors. Current owners of Luminor, Nordea and DNB, will retain a 20% stake each.

Luminor is the third largest bank in the Baltic region and was created in 2017 through the contribution by Nordea and DNB of their respective operations in the Baltics. It has EUR15 billion of assets, including over 8 billion customer deposits, 3,000 employees and 64 branches.

Private equity partner Karan Dinamani, who led the team on this transaction, comments: “This is a significant deal and we are very pleased to have worked with the investor group in helping deliver an excellent outcome for all concerned. The transaction allowed us to showcase the strength and depth of our cross-border private equity and carve-out expertise and our unrivalled regulatory and debt practices.”

The team was also led by senior associates Hugh Robinson and Monika Przygoda with senior associate Rebecca Claxon and associates Daniel Hunter and Tina Barazandeh-Nejad.  The transaction saw an A&O team comprising leading experts across private equity, regulatory (led by partner Nick Bradbury and associate Gregory Talbot), debt (led by partner George Link), IP (led by partner Jim Ford and associate Nick Roudev), tax, antitrust and capital markets. Baltic law advice was provided by Ellex in Estonia, Lithuania and Latvia, led by partners Gediminas Reciunas and Sven Papp, and Swedish law advice by Hamilton Advokatbyrå led by partner Jon Ericson.  

For further information, please contact Elizabeth Randall, elizabeth.randall@allenovery.com, on +44 (0)20 3088 2989.

 
 

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