Baltic, Banks, Financial Services, Funds, Good for Business, Mergers and take-overs
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Friday, 02.05.2025, 05:40
EU commission clears Blackstone's acquisition of Baltic bank Luminor
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"The Commission concluded that the proposed transaction
would raise no competition concerns, given its limited impact on the market
structure," the EU's executive body said in a press release on
Tuesday.
The transaction was examined under the simplified merger
review procedure, it said.
The deal is yet to be cleared by the European Central
Bank.
It was reported last September that a consortium led
by Blackstone Group was buying a 60% stake in Estonia-registered Luminor
and would own the bank jointly with its current shareholders, Nordea Bank and
DNB.
Luminor said the value of the deal was 1 bn
euros.
Additionally, Blackstone entered into an agreement with
Nordea to purchase its remaining 20% stake within the next few years, it
said.
Created in 2017 through the merger of Nordea's and DNB's
operations in the Baltics, Luminor is one of the region's biggest financial
services providers with a 23% lending market share, over 15 bn euros in
assets, 3,000 employees and 64 customer-service centers across the
region.
Blackstone Group is one of the world's largest investment
companies with 439 bn US dollars' (378.9 bn euros) worth
of assets under management. It invests in private equity, real estate,
public debt and equity and other funds on a global basis.
«The Baltic Course» Is Sold and Stays in Business!
