On 5 November 2014 Latvian Privatization Agency signed an agreement for the sale of 75% of the shares of Citadele Bank to Ripplewood Advisors LLC and a group of 12 international investors for EUR 74,7 million.
The deal was closed in April, 2015 following approvals by financial, capital market and banking supervisors. Upon closing, Ripplewood Advisors LLC will own 22.4% of the shares and the co-investors will have a 52.6% stake in the bank. The European Bank for Reconstruction and Development (EBRD) will retain its 25% share in the bank.
COBALT Latvia office, in cooperation with COBALT Lithuania office, acted as local legal advisor to international legal counsel, Linklaters, and to Latvian Privatization Agency in this transaction.