Eurobank: Acquisition of an additional 24,66% in the Greek Bank

The ‘Eurobank Company’, a subsidiary of ‘Eurobank Ergasias Services and Shareholders’ , announced the conclusion of shares purchase contracts (‘SPA’) with Demetra Holdings Plc (‘Demetra’) and Logicom Services Limited (‘Logicom’) (common ‘Sellers’) on the basis of which Eurobank agreed to acquire a stake of 24,66% (101,794,409 shares) in the Hellenic Bank Public Company Land (‘Hellenic Bank’) instead of a total price of approximately EUR 493 million or EUR 4,843 per share (‘Cooperation’). In particular, Eurobank will acquire 88,064,705 shares of the Greek Bank (21,33%) from Demetra, for a price of around 426m euros and 13,729,704 shares of the Greek Bank (3,33%) from Logicom, for a price of around 66m euros. The transaction is subject to regulatory approvals as well as the approval of the General Meeting of Demetra shareholders, and will be completed after their full fulfilment and in any case not earlier than 8 February 2025, i.e. six months after the completion of the previous mandatory public proposal. Until then, the Salesmen will continue to retain the full legal and real ownership of the shares for sale, as well as all rights deriving from them. The price agreed with the Cyprus Banking Employees Association, the Cyprus Banking Employees Welfare Fund, the Cyprus Banking Employees Association Health Fund (Psychical and Physical) and the Cyprus Banking Employees’ Welfare Fund, according to the announcement of 7 November, will also be adjusted to €4,843 per share (‘ETIC Transactions’). Eurobank already owns 55.962% in the Greek Bank and therefore, after the completion of the Transaction and ETF Transactions, its participation will be 93.47%. In compliance with the 2007 Public Proposals Act of Cyprus (the Law), Eurobank will, upon completion of the Transaction, make a Public Proposal for all shares of the Greek Bank that will not belong to it at that time at the same price, i.e. 4,843 euros per share. Since, upon completion of the public proposal, Eurobank will hold more than 90% of the issued share capital and voting rights of the Greek Bank, it will exercise the right to acquire in accordance with Article 36 of the Law and take all necessary steps to remove the shares of the Greek Bank from the Cyprus Stock Exchange. In addition, Eurobank announces the conclusion of a stock purchase contract with Logicom, on the basis of which Logicom agreed to acquire, for a total price of around EUR 27 million or EUR 1.55 per share (Friday closing price, 22 November), 8.58% of Demetra (17.152.353 shares), acquired by Eurobank on 8 November. This transaction is subject to regulatory approvals and will be completed after full fulfilment.