bpv Grigorescu Stefanica advised the Latvian financial group 4Finance, one of the largest online and mobile consumer lending groups in Europe, in the acquisition of the financial group TBIF Financial Services, which includes the bank TBI Bank EAD, with offices in Bulgaria and Romania and the entities TBI Credit and TBI Leasing. After a transactional process that lasted approximately one year, the transaction was completed on August 11, 2016, with other post-closing steps and procedures currently pending. The total amount paid on closing was approximately EUR 69 million, plus an adjustment to be paid based on the reviewed results of the acquired assets.
With this acquisition, 4Finance is expanding its presence in Romania, adding to its portfolio the Bucharest branch of TBI Bank EAD and two non-bank financial institutions with a long-standing presence in Romania, TBI Leasing and TBI Credit, in addition to Zaplo IFN which is operating on the market since 2015. TBI Bank EAD is active in Romania and Bulgaria in particular in the SME and retail sectors and reported consolidated assets of EUR 272 million and customer loans of EUR 175 million at the end of June 2016.
The team advising 4Finance on the Romanian part of the deal was coordinated by Catalin Grigorescu, Managing Partner bpv Grigorescu Stefanica, Cristina Mihai (Managing Associate) and Andreea Carare (Associate) and included up to 12 lawyers in various stages of the transaction. The deal was coordinated globally by the Moscow office of the international law firm Akin Gump, with Penkov, Markov & Partners advising on the Bulgarian law aspects of the transaction.
The first part of 2016 saw a steep rise in the activity of the M&A practice of bpv Grigorescu Stefanica, the team completing several significant transactions with regional and international impact, among which the acquisition by Med Life, the Romanian market leader in private healthcare of the majority shareholding in dental clinics group Dent Estet, the USD 920 million acquisition of Key Safety Systems by the Chinese conglomerate Joyson Electronics, one of the largest automotive transactions so far in 2016, the acquisition by the American technology company Riverbed Technology of the German-headquartered Ocedo.