On 7 June, the transaction was closed in which PFR and PZU acquired approx. 32.8% of the shares in Bank Pekao, for a total of PLN 10.6 billion (EUR 2.65 billion approx.). This came after Poland’s Financial Supervisory Authority (the KNF) approved the transaction on 4 May, as performance of the share purchase agreement concluded in December 2016. With this operation, PZU now owns 52.49 million shares (approx. 20%), while PFR holds 33.6 million shares (approx. 12.8%) in Bank Pekao. This is one of the largest and most important transactions conducted in the Polish financial sector in recent years.
Gide advised PFR on this project - advice included negotiating the purchase agreement for shares in Bank Pekao from UniCredit, negotiating other documentation related to the transaction, including the shareholders' agreement setting out the terms of cooperation between PFR and PZU once the shares were acquired, and the consortium agreement on the terms and conditions of acquiring the shares.
As part of the transaction, Gide's lawyers also advised PFR on negotiating a loan from Powszechna Kasa Oszczędności Bank Polski S.A. to partially finance the purchase of shares in Bank Pekao, and related documentation.
Gide’s team was made up of:
- partners Dariusz Tokarczuk and Mateusz Chmielewski, and associate Dorota Jenerowicz, on negotiating the share purchase agreement, the shareholders’ agreement and the consortium agreement,
- partner Paweł Grześkowiak and associates Marta Karmińska and Paweł Wasiel on negotiating the loan agreement and related documentation.
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.
PZU (Powszechny Zakład Ubezpieczeń S.A.) is the largest Polish insurance company. Following the takeover of Bank Pekao. it became the largest financial group in Central Eastern Europe, leading in the insurance, banking and asset management sectors.
Bank Pekao (Bank Polska Kasa Opieki S.A.) is one of the largest and oldest Polish financial institutions, and is listed on the Warsaw Stock Exchange.