Deals
UniCredit Competing With OTP to Buy Blackstone’s Luminor
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UniCredit SpA has submitted a bid for Luminor and is now competing with Hungary’s largest lender, OTP Bank Nyrt, to acquire the Baltic bank, according to people with knowledge of the matter.
Tallinn, Estonia-based Luminor is owned by Blackstone Inc., which started a sales process for the lender earlier this year. Blackstone has been seeking about 1.2 times book value in an exit, Bloomberg News has reported. Luminor had about €1.8 billion ($1.9 billion) of equity on its balance sheet at the end of December, according to filings.