Greenberg Traurig advised Alior Bank in an agreement to acquire Bank BPH’s core business from affiliates of GE Capital. Alior Bank valued Bank BPH’s core business at PLN 1.5 billion ($404 million).

The transaction will be conducted by the acquisition of the shares in Bank BPH through a public tender offer followed by demerger of the core business of Bank BPH into Alior Bank. The transaction is to be financed by a rights issue of Alior Bank.

“This is the second transaction, after Meritum Bank, in which Greenberg Traurig is representing us. We highly appreciate our cooperation with the law firm and its role in establishing the innovative structure of the acquisition of Bank BPH. This is just the beginning of our cooperation, the demerger of Bank BPH and the offering of Alior Bank shares are ahead of us,” said Wojciech Sobieraj, the president of the management board of Alior Bank.