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DDM to acquire stake with EBRD in Addiko

ZAGREB (Croatia), March 5 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it has swapped its indirect stake in Austria-based Addiko Bank AG, which operates in Southeast Europe, for a direct stake of 8.4%.


The EBRD’s move underlines its long-term commitment to the bank, and follows recent changes in the bank's ownership, the EBRD said in a statement.


It held an indirect stake in Addiko via a private special purpose vehicle, the statement reads.

Addiko emerged following the nationalisation of troubled Austrian lender Hypo Alpe Adria Group and was acquired by global private equity firm Advent International and the EBRD in December 2014.


It returned to the market after an initial public offering (IPO) in June 2019, following a successful restructuring and the reorientation of its business. The lender is active in Bosnia, Croatia, Montenegro, Serbia and Slovenia.


According to March 5 data from Addiko's website, its largest shareholder is Luxembourg-based AI Lake with a 36.6% stake, followed by the EBRD with 8.4%, US-based Wellington Management Group LLP with 7.18% and Sweden's SEB Investment Management AB with 4.05%. The remainder belongs to smaller shareholders.


Addiko says on its website that DDM INVEST III AG, part of Swedish distressed assets manager DDM Group, has entered into a share purchase agreement with AI Lake regarding a stake of 9.9% in Addiko Bank AG's capital. The closing of the deal is expected to take place by March 24.

Moreover, DDM INVEST III AG holds a call option for an additional 10.10% in Addiko Bank AG, the latter said.


Iskra Pavlova, reporting for SeeNews.com, 5 March 2020

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