Clifford Chance has advised NN Investment Partners International Holdings B.V. on the sale of a 45% of minority shareholding in NN Investment Partners TFI to ING Bank Slaski S.A. Linklaters advised ING on the acquisition.
The transaction is conditional on clearance from Poland's financial supervisory commission. The bank expects the transaction to be closed in spring 2019. The transaction price will be PLN 177.2 million plus 2.5% per year interest, accruing from January 1, 2018 until completion of the transaction.
Until 2014 NN Investment Partners TFI had been owned by ING, but it had been spun-off at the request of the Dutch government, which granted public aid to ING Groep, the owner of the Polish ING.
As a result of the transaction, ING Bank Slaski will expand the distribution network for NN Investment Partners TFI's products.
The Clifford Chance Team was led by Partner Agnieszka Janicka and included Counsels Jaroslaw Lorenc, Anna Biala, and Tomasz Derda, Of Counsel Nick Fletcher, Senior Associate Karol Kulhawik, and Associate Katarzyna Aleksandrowicz.
The Linklaters team was led by Partner Marcin Schulz and Managing Associate Szymon Renkiewicz and included Partner Malgorzata Szwaj, Managing Associates Klaudia Krolak, Agnieszka Mencel, and Joanna Gawlicka, Senior Associates Wojciech Podlasin and Anna Laszczy, Associates Piotr Zbyszynski, Marek Tolcz, Maciej Ficinski, Klaudia Owsianka, Maciej Pietron, Jakub Kowal, and Alicja Kiersznicka, and Junior Associate Joanna Maksymowicz.