Advent Agrees to Acquire Hypo Alpe Adria's Balkan Unit
November 03, 2014
Advent International has reached an agreement to buy the Balkan banking unit of Austrian lender Hypo Alpe-Adria-Bank, an investment to be made in partnership with the European Bank for Reconstruction and Development. According to The Wall Street Journal, the deal could reach as much as €200 million and would be subject to the approval of Hypo Alpe Adria's former owner, BayernLB. The Balkan network consists of six banks in five countries; combined, it has about 1.15 million customers and assets of roughly €8.4 billion. The winding down Hypo Alpe Adria would continue to extend €2.2 billion of loans to the division after the sale.