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Sberbank of Russia and the shareholders of DenizBank AS, announced today they have signed a definitive agreement for the acquisition of 99.85% of DenizBank by Sberbank for a consideration in Turkish Lira of TRY 6,469 million (approximately US $3,504 million).
The transaction consists of DenizBank and its subsidiary companies across Turkey, Austria and Russia. The agreed purchase price is equivalent to 1.33 x DenizBank's shareholders' equity as of 31 March 2012 and remains subject to adjustments at closing.
This landmark transaction represents the largest acquisition in the bank's 170-year history. The deal is expected to be accretive to Sberbank's earnings from year one, and marks 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.
Herman Gref, CEO and Chairman of the Executive Board of Sberbank, said, "With this acquisition, Sberbank will enter a highly attractive market, which has demonstrated exceptional growth and profitability levels in the recent years. DenizBank is a high quality universal bank led by an exceptionally professional team with a nation-wide branch network and strong expertise in the lucrative SME and agricultural segments in Turkey."
The Denzibank acquisition is expected to close in 2012, but still remains subject to limited conditions precedent, including customary regulatory consents and approvals. Upon closing, Sberbank intends to launch a mandatory tender offer on the share capital of DenizBank in accordance with the capital market regulations of Turkey.
For more information on the banking industry in Russia, see the latest research: Russian Banking Industry
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