The National Bank has signed a final agreement for the sale of 51% of its card acceptance business with EVO Payments International, as officially announced by the system group.
The sector will be the subject of a new company called NewCo, in which EVO will acquire 51% of the share capital for a price of 158 million euros and the Greek bank will keep 49%.
This means that its total valuation, in the context of the transaction, reaches 310 million euros.
In addition, a long-term exclusive distribution agreement will be signed, under which the National Bank will offer the partner companies the top card acceptance solutions offered by NewCo, based on EVO’s specialized systems and advanced products.
NBG is the fourth group after Piraeus Bank, Eurobank and Alpha Bank to enter into a strategic partnership with an international company in the field of card payments and has a majority stake.
The transaction is expected to increase the proforma of the EIB Category 1 Common Shares Capital Index, as well as the Total Capital Index by approximately 60 basis points with a reference date of 30.09.2021.
Its completion lies in the usual heresies, including the approvals of the competent regulatory authorities, but also the consent of the Financial Stability Fund.
What is EVO?
EVO is a company with a leading position in the provision of payment technologies and services with a presence in over 50 markets worldwide.
It offers a range of innovative, reliable and secure payment solutions to merchants of all sizes, from small and medium-sized enterprises to multinational companies and organizations around the world.
UBS Europe SE acted as the sole financial advisor to the EIB and the law firm Karatza and Associates as assistant legal advisors for the transaction.
In addition, the EIB Board of Directors received an independent opinion from Barclays Bank PLC on the reasonable and fair price offered as well as independent legal advice from Freshfields Bruckhaus Deringer LLP.
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