Nova Ljubljanska Banka d.d. NLB to acquire Summit Leasing (1972V)
30 Novembro 2023 - 4:00AM
UK Regulatory
TIDMNLB
RNS Number : 1972V
Nova Ljubljanska Banka d.d.
30 November 2023
Date: 30 November, 2023
NLB to acquire Summit Leasing, accelerating the realisation of
NLB's ambitions in the strategically important leasing segment
Pursuant to the provisions of the Rules of the Stock Exchange,
Article 17 of the Regulation (EU) No. 596/2014, and Article 130 of
the Market in Financial Instruments Act (ZTFI-1), Nova Ljubljanska
banka, d.d., Ljubljana with registered office: Trg republike 2,
1000 Ljubljana, hereby publishes the following notice:
On 30 November 2023, Nova Ljubljanska Banka, d.d. Ljubljana
("NLB") entered into a sale and purchase agreement to acquire a
100% shareholding in SLS HOLDCO, holdinška dru ba, d.o.o., the
parent company of Summit Leasing Slovenija d.o.o., and its
subsidiaries ("Summit Leasing") from funds managed by affiliates of
Apollo Global Management Inc. ("Apollo Funds") and the European
Bank for Reconstruction and Development ("EBRD").
Summit Leasing is a leading provider of auto finance in
Slovenia. As of 30 September 2023, Summit Leasing had consolidated
gross receivables of c. EUR 890 million, which included EUR 635
million related to the used and new vehicle segments in Slovenia
and, through its wholly owned subsidiary Mobil Leasing d.o.o.,
gross lease receivables of c. EUR 120 million in Croatia. Summit
Leasing is also a leading provider of point-of-sale consumer
finance in Slovenia, recording c. EUR 95 million gross receivables
as of 30 September 2023.
Summit Leasing has a vast network of over 750 dealers in
Slovenia and Croatia, as well as over 550 points-of-sale in
consumer finance in Slovenia. At the end of 2022, Summit Leasing
managed c. 140,000 outstanding financing contracts with over
110,000 customers.
The consideration for the transaction represents a modest
premium to the book value of Summit Leasing. Subject to the
development of the business up until completion, the acquisition is
expected to increase NLB's risk weighted assets by approximately
EUR 700 million, comfortably within EUR 4 billion tactical capacity
for M&A. Cost and funding synergies are expected to ensure that
the transaction is earnings accretive from the first full year of
acquisition, with full realisation of cost synergies targeted
within a period of approximately 18 months from completion.
Completion of the transaction is subject to regulatory and
anti-trust approvals and is planned for the second half of
2024.
"That the time has come for further growth of the NLB Group,
albeit inorganic, should come as no surprise to anyone who has
closely followed our development over the past few years. We have
namely repeatedly emphasized that we are constantly monitoring
market conditions and analysing potential opportunities for
tactical mergers and acquisitions, that could open new
opportunities or potentially even new markets to us, but above all
increase added value for our stakeholders and provide our clients
with additional services and solutions," stated NLB's CEO Bla
Brodnjak as the acquisition was announced.
"Leasing is one of the strategic activities of the NLB Group, so
it is not surprising that we have gradually expanded this activity
from the Slovenian market also to the North Macedonian and Serbian
markets. We believe that leasing will become a significant part of
the Group. It is planned that in its mature phase, it will
contribute more than EUR 1 billion to the total assets of the
Group, with the newest acquisition significantly accelerating this
ambition. Our goal is for our leasing companies to become the
leaders in the field of movables across our region and to play an
important role in mobility in the markets of our presence. Summit
Leasing's extensive dealer network in Slovenia will complement our
digital and direct model and therefore provide the enlarged
business with an omnichannel distribution platform that will be
well positioned for future growth," further emphasized NLB's
CEO.
"Summit Leasing is a leader in the leasing market in Slovenia
with a firm commitment to providing services of the highest
standards to its vendor partners and customers. Since its inception
in 2000, the company has undergone an amazing journey of profitable
growth, including tripling its balance sheet since 2017. Today
represents yet another important milestone in Summit Leasing's
development. We are excited about the planned acquisition of Summit
Leasing by NLB and we are convinced that we will continue to thrive
as part of one of the region's largest financial groups. We
recognise that NLB shares Summit Leasing's commitment to and
passion for innovation and excellence, and we are looking forward
to a fruitful partnership that we believe will benefit our
customers and vendor partners. On behalf of the management of
Summit Leasing, I also wish to personally and sincerely thank our
shareholders Apollo Funds and EBRD for their support, focus,
guidance and commitment to the business over the past years,"
stated Mitja Otorepec, CEO of Summit Leasing.
NLB has been advised on the transaction by Deloitte UK Corporate
Finance (financial adviser); Deloitte CE South (due diligence
adviser); Kavčič, Bračun & Partner (legal adviser); and
Kinstellar (legal adviser).
Investor Relations
NLB d.d, Ljubljana
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