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published SEPTEMBER 15, 2010, 21:00
DLA Piper advises Banco Santander on acquisition of 70% of Bank Zachodni WBK and BZ WBK Asset Management

DLA Piper has advised Banco Santander on the acquisition of 70.36% of Bank Zachodni WBK, from Allied Irish Banks (AIB) for approximately EUR 2.9 billion (PLN 11.67 billion). The acquisition will be carried out through a public offering for 100% of the capital of BZ WBK, in which AIB will obligatorily tender its shares (valuing BZ WBK overall at approximately PLN 16.67 billion). Banco Santander is also acquiring AIB’s 50% share of BZ WBK Asset Management for EUR 150 million. BZ WBK owns the remaining 50% stake.
The transaction is subject to the relevant regulatory approvals and to a vote of AIB shareholders.
DLA Piper (Warsaw, Madrid and London) advised on the legal aspects of this cross border deal, including structuring, due diligence, regulatory clearances (both sectoral and anti-trust), and negotiation of the transaction documents.
Patryk Laskorzyński, partner at DLA Piper, Warsaw said "We are delighted to have had this opportunity to assist Santander in devising and executing an effective commercial and financial structure. Following successful negotiations we look forward to supporting our client's satisfaction of the regulatory conditions with the KNF (the Polish Financial Supervisory Authority) and the relevant antitrust authorities.
"We are very proud that Santander entrusted us with a transaction of such strategic importance to them in Poland. This deal demonstrates that after only three years on the Polish market DLA Piper has become one of the key players among international law firms."
Jon Hayes, partner at DLA Piper, London said "We were delighted to have this opportunity to work closely with our client Santander in Madrid, Warsaw and London. This transaction further underlines our international M&A capabilities and demonstrates the ease and effectiveness with which we can deploy the resources of various offices towards achieving our clients' objectives."
DLA's team consisted of partner Patryk Laskorzyński and Associates Michał Pawłowski and Rafał Woźniak, in Warsaw, partner Javier Santos in Madrid, and partners Jon Hayes and Polly Owen in London.
 


 

 

 

 


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