Alpha Bank announced that it has entered into a binding agreement with Poseidon Financial Investor DAC, an entity financed by funds managed by affiliates of Fortress Investment Group LLC, for the disposal of a pool of Non-Performing Loans to Greek SMEs mainly secured by real estate assets (the “Neptune Portfolio”), of a total on-balance sheet gross book value of €1.1 bn.
The aggregate consideration for the Neptune Portfolio amounts to 24% approximately of the total on-balance sheet gross book value and can be increased up to 30% of the total on-balance sheet gross book value through a contingent consideration (earnout).
CEPAL will take over the servicing of the Neptune Portfolio. The transaction is expected to be completed within the third quarter of 2020.
PwC acts as the Bank’s sole financial advisor for the sale process, while White & Case LLP acts as international legal advisor and the Karatza and Associates Law Firm as the Bank’s legal advisor for Greek law.
Regarding the conclusion of the agreement, Alpha Bank management says that it managed to close a very successful agreement for the Neptune portfolio, showing flexibility during the escalation of the coronavirus crisis and utilising its deep experience in complex transactions.
Original Source: Liberal.gr
Adaptation/Summary: Kiki Athanasiadis