CHSH Cerha Hempel Spiegelfeld Hlawati has advised Sberbank of Russia (Sberbank) in connection with the acquisition of Turkish DenizBank A.S. (DenizBank) from DenizBank's shareholders Dexia NV/SA and Dexia Participation Belgium SA (together, Dexia) with respect to its Austrian subsidiary DenizBank AG. The transaction was effected through the acquisition of 99.85% of the shares in DenizBank. The cross-border acquisition of DenizBank, which is expected to close in 2012, is subject to limited conditions precedent, including customary regulatory consents and approvals.
The purchase price amounts to TRY (Turkish lira) 6,469 million (approximately EUR 2.821 billion or US$ 3.504 billion at current exchange rates). The transaction includes DenizBank and its subsidiary companies in Turkey, Austria and Russia. The agreed purchase price is subject to adjustments at closing.
This landmark transaction, which is expected to be earnings accretive for Sberbank from year one, is the largest acquisition in the bank's 170-year history and is the latest step, following the recent acquisitions of Troika Dialog and Volksbank International, in Sberbank's transformation from a domestic champion into a leading international financial institution. The acquisition of DenizBank is consistent with Sberbank's stated strategy of increasing the share of net profit generated from its international operations and will allow Sberbank to establish a leading presence in the fast-growing Turkish economy.
DenizBank is ranked 8th among Turkish banks by total consolidated assets, deposits and loans as at 31 March 2012. The bank has been one of the biggest success stories in the Turkish financial services sector. Launched as a start-up by its current management in 1997, DenizBank today is the 5th largest private bank in terms of total consolidated assets in Turkey, with a long-term track record of high growth and attractive profitability. The bank enjoys nationwide coverage with 592 branches in Turkey, as well as 15 branches of subsidiary banks abroad. The Austrian subsidiary DenizBank AG with branch offices in Germany has a special focus on the bank's deposit business.
The transaction was legally conducted for Sberbank by Linklaters CIS (Russian and transaction counsel), Taboğlu & Demirhan (Turkish counsel) and Cerha Hempel Spiegelfeld Hlawati (Austrian counsel). The team at Cerha Hempel Spiegelfeld Hlawati consisted of Albert Birkner and Claudia Schmidt (M&A), Peter Knobl (Banking) and Bernhard Kofler-Senoner (Merger Control).