BAWAG and Permanent TSB Group Holdings plc (“PTSB”) have agreed, with the support of the Minister for Finance of Ireland who holds approximately 57.5% of the shares in PTSB, the terms of a cash offer by BAWAG which has been recommended by PTSB’s board of directors. Pursuant to the terms of the offer, BAWAG will acquire the entire issued and to be issued share capital of PTSB for a consideration of €2.97 per share (equivalent to a total consideration of approximately €1.619 billion).

The proposed acquisition is subject to further terms being set out in the joint announcement published by BAWAG and PTSB pursuant to Rule 2.7 of the Irish Takeover Panel Act 1997, Takeover Rules 2022 and to conditions including, among other things, (i) the approval of the requisite majority of PTSB shareholders, (ii) receipt of any necessary regulatory and other approvals and (iii) sanction by the Irish High Court.

Arthur Cox advised BAWAG on the transaction alongside Hengeler Mueller.

The Arthur Cox LLP team was led by David Vos and Chris McLaughlin (Corporate and M&A) and included Robert Cain (Financial Regulation), Fintan Clancy (Tax), Richard Ryan (Competition and Regulated Markets), Ciara Buckley (Debt Finance), Sarah McCague (Pensions and Employee Benefits), Richard Willis (Litigation, Dispute Resolution and Investigations), Olivia Mullooly and Aoife Mac Ardle (Technology and Innovation), Patrick Munnelly, Andrea Bowdren, Amina Flynn, Cathal Kelleher, Jennifer Cox and Lucy Thornton (Corporate and M&A), Jennifer Duffy (Financial Regulation) and Ciara McDermott (Employment).

For further information, please visit the BAWAG Group AG website here.