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COBALT advised Luminor on EUR 1 billion majority stake acquisition by Blackstone

2018-09-13

Luminor announced today entering into a strategic corporate partnership with a consortium led by Blackstone, one of the world’s leading investment firms with USD 439 billion in assets under management. The transaction represents one the largest private equity deals in the Baltic history.

Private equity funds managed by Blackstone will acquire a 60% majority stake in Luminor and each of Nordea and DNB will continue as holder of 20% of the shares in the bank. Closing of the transaction is expected to occur in the first half of 2019 after receipt of approvals from local and international supervisory authorities. Blackstone also intends to acquire Nordea’s remaining stake over the coming years.

Luminor was advised throughout the entire transaction by COBALT’s pan-Baltic team led by partner Kristel Raidla-Talur and senior associate Karl Kull. The project also required significant contribution by partners Marina Kotkas and Sandija Novicka, specialist counsel Andrejs Lielkalns, managing associate Eva Suduiko, senior associates Aurelija Balčiūnė, Monika Koolmeister, Kristjan Kotkas and Heleri Tammiste, associates Madis Reppo, Liina Saaremets, Marius Banys, Diāna Zepa, Artūrs Valderšteins, Krišjānis Bušs and Aleksander Tsuiman, of counsel Toms Krūmiņš, and assistant lawyers Sabīne Vilka, Tiit-Gregor Mets, Kristiina Kraav, Milda Vaznelytė and Julija Kostomarova.

Luminor, the joint venture of Nordea and DNB, was established about a year ago, with the aim to create a new generation financial services provider in the Baltic market. COBALT also advised on the creation of Luminor – the largest-ever transaction in the Baltic banking market.