PFR and PZU have signed an agreement with UniCredit on the purchase of 32.8% of shares in Bank Pekao for a total amount of PLN 10.6 billion (EUR 2.65 billion approx.). The transaction is structured so that PFR will directly acquire 12.8% of the shares in Bank Pekao in two tranches for a total amount of PLN 4.1 billion (EUR 1.025 billion approx.), while PZU will indirectly acquire a 20% stake in Bank Pekao for a total amount of PLN 6.5 billion (EUR 1.625 billion approx.).
It is envisaged that Bank Pekao may acquire UniCredit’s stakes in Pioneer TFI, Pioneer PTE and Xelion to become full owner of these subsidiaries.
In this operation, Gide advised PFR, which acted as a strategic financial partner supporting PZU in implementing its strategy to create a strong Polish banking group with significant growth potential, on negotiating the purchase agreement for the 32.8% of the shares in Bank Pekao from UniCredit, and other documentation for the operation. The team was headed by partners Dariusz Tokarczuk and Mateusz Chmielewski, and comprised Dorota Jenerowicz and Olga Czyżycka.
“We are very happy to have participated in such an important transaction for the Polish financial sector, helping to strengthen the financial stability of the Polish economy and creating new opportunities for its further development”, commented Dariusz Tokarczuk, partner at Gide and head of its Warsaw M&A department.
“This is undoubtedly one of the largest and most significant transactions carried out in recent years in the Polish banking sector. We are delighted that the experience of our team contributed to the successful completion of this important phase of the transaction”, added Mateusz Chmielewski, partner at Gide and head of its Warsaw Capital Markets department.
Bank Pekao (Bank Polska Kasa Opieki S.A.) is one of the largest and oldest of Polish financial institutions, and is listed on the Warsaw Stock Exchange. It became part of the UniCredit group in 1999.
PZU (Powszechny Zakład Ubezpieczeń S.A.) is the largest Polish insurance company. Following the takeover of Bank Pekao. it will become the largest financial group in Central Eastern Europe, leading in the insurance, banking and asset management sectors.
PFR (Polski Fundusz Rozwoju S.A.) is a financial group owned by the State Treasury, offering instruments for the development of businesses, local authorities and individuals investing in the sustainable social and economic growth of the country. In this operation, the aim of PFR, as a long-term strategic financial partner to PZU, is to support PZU's strategy to create a strong Polish banking group with significant growth potential.