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Paksoy Advises Sberbank on Sale of Majority Stake in Denizbank to Emirates NBD Bank

Paksoy Advises Sberbank on Sale of Majority Stake in Denizbank to Emirates NBD Bank

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Paksoy has advised Sberbank of Russia on signing a share purchase agreement for the sale of Denizbank to the UAE banking group Emirates NBD Bank.

According to Paksoy, Emirates NBD will acquire 99.85% of Denizbank's issued capital for approximately USD 3.2 billion. The completion of the transaction is subject to clearance from the regulatory authorities in Turkey, Russia, the United Arab Emirates, and other countries in which Denizbank operates.

The Paksoy team consisted of Partners Stephanie Beghe Sonmez and Sera Somay, Counsels Sansal Erbacioglu, Okkes Sahan, and Selen Terzi Ozsoylu, and Senior Associate Nazli Bezirci.

Paksoy did not reply to an inquiry about the deal

Editor's Note: In August, 2019, Paksoy reported that the share purchase agreement had been amended and restated on April 2, 2019 and that the transaction had closed on July 31, 2019 after clearance had been obtained from regulatory authorities in Turkey, Russia, the United Arab Emirates, and other countries in which Denizbank operates.

In addition, Binder Groesswang reported that it and Clifford Chance had advised Emirates NBD Bank PJSC on the acquisition of 99.85 % of the shares in Turkish DenizBank A.S. and its Austrian subsidiary DenizBank AG.

The Binder Groesswang team was led by Partners Thomas Schirmer and Stephan Heckenthaler and included Partners Markus Uitz, Angelika Pallwein-Prettner, Christine Dietz, and Ivo Rungg, Senior Associate Stefan Frank, and Associates Felix Fuith and Brigita Rakar, and Michael Delitz.

The Clifford Chance team that served as lead counsel to Emirates NBD Bank was led in Dubai by Partner Mohammed Al-Shukairy, working with Associates Oliver Jarvis-Bicknell and Sara Salameh. The firm's Frankfurt  team was led by Partner Thomas Krecek, working with Counsel Stefan Bruder and Senior Associate Christian Hissnauer.