COBALT is advising DNB Bank upon combining its operations with Nordea in Estonia, Latvia and Lithuania, with the aim of creating a leading main bank in the Baltics. Nordea’s and DNB’s Baltic operations have EUR 8 billion and EUR 5 billion in assets, respectively.
Nordea and DNB will have equal voting rights over the combined bank, while having different economic ownership levels that reflect the relative equity value of their contribution to the combined bank at the time of closing. The transaction is conditional upon regulatory approvals and conditions, and is expected to close around Q2 2017. The banks will operate independently until all necessary approvals have been received.
COBALT has been advising DNB in all phases of the transaction, including structuring of the transaction, due diligence, drafting and negotiating of the transaction documents, regulatory, competition and other legal matters pertaining to the Baltics.
COBALT team advising the client is led by partners Peeter Kutman, Martin Simovart, Kristel Raidla-Talur, Elo Tamm and Senior Associate Heleri Tammiste in Estonia office, Managing Partner Dace Silava–Tomsone, Partner Toms Šulmanis and Specialist Counsel Andrejs Lielkalns in Latvia office, and Managing Partner Irmantas Norkus, Managing Associates Eva Suduiko and Ieva Sodeikaite in Lithuania office.
Please see the press release from here.