Press Release
| February 1, 2010
Dewey & LeBoeuf Completes Two M&A Transactions Involving Lebanon's Largest Bank
1. Lebanon's Largest M&A Deal – $913 Million Acquisition
2. Acquisition of Dresdner Bank Monaco in France – from Commerzbank
(London, February 1, 2010)
$913 Million Acquisition of EFG-Hermes Holding's stake in Bank Audi
Dewey & LeBoeuf advised agroup of existing shareholders of long-standing client, Bank Audi, and new investors, in connection with the acquisition of EFG-Hermes Holding’s entire 29 percent stake in the capital of Bank Audi, consisting of shares and GDRs. The total purchase price for the shares and GDRs was approximately $913.4 million.
The transaction is the largest M&A transaction to be completed in Lebanon and one of the largest in the Middle East region. Dewey & LeBoeuf represented Bank Audi in connection with EFG-Hermes Holding’s initial investment in Bank Audi as well as in subsequent negotiations between the two entities.
London Partners Camille Abousleiman and Louise Roman Bernstein led the team, which included London Associates Patrick Lyons, Martin Mackenzie and Youssef Chaker.
Camille Abousleiman said, “We are pleased to continue our representation of Bank Audi and its shareholders. I have been privileged to work with Bank Audi for over 15 years as Bank Audi has grown into a leading regional financial institution.”
Acquisition of Dresdner Bank Monaco S.A.M. from Commerzbank
Dewey & LeBoeuf advised Bank Audi in connection with its agreement to purchase Dresdner Bank Monaco S.A.M. from Commerzbank. The transaction, which was signed in Frankfurt on 15 January 2010, is anticipated (subject to customary closing conditions and regulatory approvals) to close towards the end of Q1 2010.
The acquisition of Dresdner Bank Monaco S.A.M. is in line with Bank Audi’s strategy to develop its private banking activities in Europe.
London Partner Camille Abousleiman and Paris Partner Nicola Mariani led the transaction for Bank Audi with assistance from Paris Senior Associate Louis Néret and Frankfurt Partner Andreas Mauroschat.
Note on the client
Bank Audi sal, the largest bank in Lebanon in terms of assets and shareholders’ equity, is present in Switzerland and France, as well as in Jordan, Syria, Egypt, Sudan, Saudi Arabia, Qatar and Abu Dhabi. At end-September 2009, its consolidated assets were $24.7 billion and its shareholders’ equity $2.1 billion. The Group ranks among the largest Arab banking groups in the Middle East and North Africa.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383