Getin International – an indirect subsidiary of Idea Bank – finalized the sale of 100 percent of the shares GetBack for Emest Investments. In this respect, will get a total of 825 million zł. This is one of the largest transaction this year in Poland.
Idea Bank Group bought GetBack in July 2014. for 270 million zł. The total profit from the investment in GetBack was so over half a billion, and the estimated impact of the transaction on the results of only the second quarter will be about 310 million zł.
The Group does not preclude the use of part of the raised funds for future acquisitions of companies in the sector of new technology, fleet management, accounting firms, and factoring.
the transaction has been divided into two stages. In the first tranche of the Idea Bank received 515 million zł. The remaining amount will be paid within 18 months. In order to secure this debt has been pledged on the shares GetBack representing 62 per cent. the company’s capital. The transaction was made after obtaining the consent of the OCCP and the Antimonopoly Office in Ukraine.
June 15 fulfilled the last condition specified in the contract of sale of shares in March this year, concerning the issue of the investment fund companies, or funds cooperating with GetBack statements. concerning the lawfulness of the processing of personal data and the conclusion of agreements between the company and the investment funds or funds with no grounds for termination of service contracts and contracts of legal services.
– Our profit from this transaction, taking into account the total price amounts to half a billion PLN, which I think is a very big success. Investment in GetBack shows that we can take advantage of market situations not only to the development of the Group in the form of organic, but also through successful acquisitions – commented CEO Jarosław Augustyniak, quoted in the release.
The proceeds from the sale of GetBack will be used to repay debt bonds issued to purchase the company. The remaining amount be credited to the Group’s equity Idea Bank. The Group does not preclude the use of these funds for future acquisitions.
– We are potentially interested in buying companies in the sector of new technologies, fleet management, accounting firms, factoring. Entities with such industries could be expanded to our group. Market financing small business is growing rapidly and we see a good chance to use this trend to build a strong capital group focused on serving Polish entrepreneurs – said Augustyniak.
The purchaser of 100 percent. shares of GetBack is Emest Investments – an entity established by a consortium of private equity funds. The transfer of shares took place on June 15. The deal worth 825 million zł is one of the largest conducted this year in Poland, is also provided.
The transaction has been divided into two stages. In the first tranche of the Idea Bank received 515 million zł. The remaining amount will be paid within 18 months. In order to secure this debt has been pledged on the shares GetBack representing 62 per cent. the company’s capital. The transaction was made after obtaining the consent of the OCCP and the Antimonopoly Office in Ukraine.
GetBack The company is engaged in the purchase and collection of receivables portfolios, coming mainly from banks and telecommunications companies. These revenues account for 60 percent. all revenues. The remaining 40 percent. are revenues from management of the external debt portfolio ..In the period from 30 June 2014. March 31, 2016., the value of the portfolios managed by GetBack increased from 2.2 billion to 14 billion zł zł. The number of securitization funds management increased from 2 to 11. Monthly recoveries from their own portfolios increased from 4.3 million in 2014 zł. 15.5 million zł in the first quarter of 2016.
In the first quarter 2016. company’s revenues amounted to 70.1 million zł and were about 71 percent. more per year. While net profit amounted to 38 million zł and was about 87 percent. higher than in the first quarter of 2015.
Idea Bank Group is also in the course of the purchase of one of the largest leasing companies in Poland, the Getin Leasing, and two years ago bought the company VB Leasing. The agreement allows for the conclusion of purchase Getin Leasing was concluded in mid-April. As a result of the integration of Getin Leasing Leasing idea would create a market leader with total sales exceeding 6 billion zł per year and 15 percent. market share.
Idea Bank is based on acquired by Getin Holding GMAC Bank in autumn 2010. Initially, the bank functioned exclusively on the Internet. In July 2011, it opened the first patient units, mainly in the largest Polish cities. Idea Bank debuted on the main market of the Warsaw Stock Exchange in April 2015.
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