DZP advises on sale of ING PTE shares

DZP's Capital Markets and Financial Institutions Practice has advised ING Bank Śląski on the sale of a block of shares in ING Powszechne Towarzystwo Emerytalne to ING Continental Europe Holdings, an NN group company.

The sale is contingent on ING CEH obtaining an unconditional permit by the end of 2016 from the Polish Financial Supervision Authority to increase its shareholding in ING PTE to 100%. ING CEH currently holds 80% of ING PTE's shares. Once it has bought back 20% of shares from ING Bank Śląski it will be the sole formal owner of the fund.

The share sale price was set at PLN 210 mln. A fairness opinion that this was the market price was issued by the advisory firm PwC Polska. Additionally, by the end of December 2016, the bank may request a change in price if the Constitutional Tribunal rules that the regulations on the reform of the open pension fund system are incompliant with the Constitution.  

The main shareholder in ING Bank Śląski is the Dutch ING group. ING PTE manages the ING Open Pension Fund (ING OFE) and the Voluntary Pension Fund (ING DFE).

The transaction team at DZP comprised Magdalena Skowrońska and Paulina Armada-Rudnik.