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Fryday, 19.7.2019
  • The M&A market in Eastern Europe also enjoyed a strong 2018, says Alexander Bebov, managing director with Balkan Advisory Company IP EAD, an investment banking and brokerage boutique headquartered in Sofia, Bulgaria, also active in Romania, Serbia and Poland, and Global Finance's pick for Best M&A Bank in Central and Eastern Europe. Helping drive the strong showing are investors from more-mature economies that are considering Central and Eastem Europe because of its above-average growth. The regional economy posted by 4.1% percent in 2018, according to FocusEconomics.
  • The growing strength and sophistication of the region's institutional infrastructure and legal system, as well as improved corporate governance at many companies, is also nurturing the M&A market, Bebov says.
  • Market consolidation, too, is generating greater M&A activity. Bebov points in particular to United Group, a telecom and media provider that has grown through multiple acquisitions. "Pay TV and broadband markets in our regions are quite fragmented, and we expect consolidation to take place," he says.
  • On the M&A side, we have advised the client on their potential acquisition of a pension company in Poland.
  • We have also advised KJK’s purchase in Eurohold, where BAC did significant holding evaluation work, deal co-ordination, structuring and execution.This was a complex sum-sum-of-the-parts valuation including separate evaluation and quantification of the synergies between the main business lines of Eurohold.
  • BAC was Lead manager to a coordinated two-country of MTO process in Bulgaria and Romania.It was a complex transaction requiring work with the regulators of two jurisdictions.The acquisition had taken place at a dedicated SPV level, which brought peculiarities in applying the MTO-price regulatory base.
  • BAC IP’s mandate also included a complex split of the overall consideration paid for the dedicated SPV among the assets acquired, including and off-balance sheet liabilities valuation;
  • BAC IP also affected the squeeze-out procedure for DG.
  • Acting as sole lead manager, BAC placed on the Polish market issued as part of Euroholds’ s EMTN programme.Eurohold is an important insurance group in the SEE with presence in Romania.
  • Acting as a Joint Lead Manager alongside Eurohold, BAC placed bonds issued as part of Eurohold’s EMTN programme.The bonds were placed in CE.
  • Eurohold is among the largest independent non-bank horizontally integrated financial groups in CEE.The group is active in insurance, leasing, car sales and financial services and is present in major market, a lot of European countries with niche products based on the freedom of services. On its most important market, insurance in Romania, the company is number 3-4 on the market.
  • The transaction was pioneering for our region – it was the first corporate EMTN programme for Bulgaria and among the first 2 for Romania.
  • BAC IP brought to the client the flexibility of an EMTN programme.
  • The bond appreciated on the secondary market.
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