Invalda INVL, the leading Baltic asset management group, on 12 March entered into an agreement with Tesonet Global under which it is selling 7,987,158 shares of Artea Bank, representing 1.22% of the bank's share capital. Invalda INVL currently holds a 19.94% stake in Artea Bank.
"Tesonet is one of the most successful Lithuanian businesses operating globally. We believe that their engagement and growing investments in Artea will drive faster development of the bank, with greater focus on technology and customers," - Darius Šulnis, CEO of Invalda INVL, says.
As Artea Bank executes share buyback programs and may decide to cancel the repurchased shares, Invalda INVL has decided to slightly reduce its stake to ensure it does not exceed the 20% threshold set in the approval of the European Central Bank.
On the closing date, the sale price will be calculated by taking bank's share book value, determined according to the last publicly disclosed information as at the end of the reporting period, multiplying it by the number of shares sold and a coefficient of 1.2x agreed by the parties, and adjusting for corporate actions that occurred from the end of the reporting period until the closing date.
The transaction will only be completed if Tesonet Global receives regulatory and other necessary approvals (European Central Bank, Bank of Lithuania, etc.). The transaction is expected to be completed until the end of the first quarter of 2027.
The person for additional information:
Darius Šulnis
CEO of Invalda INVL
darius.sulnis@invl.com
