![National Bank of Greece sells 51% stake of NBG Pay to EVO Payments for 158 million euros](https://www.ot.gr/wp-content/uploads/2022/05/ETHNIKI_ETE_LOGO-1-768x394-1.png)
The sale of 51% of the share capital of NBG Pay S.A. was completed to EVO Payments Inc., for 158 million euros, after receiving the required supervisory approvals, as National Bank announced.
NBG previously contributed the payment acceptance business to NBG Pay through a spin-off. In addition, it is noted, a long-term exclusive commercial agreement was signed between NBG, NBG Pay and EVO.
According to NBG‘s announcement, this partnership is expected to create significant value from synergies that will arise through the combination of NBG’s large customer base and EVO’s technological expertise in payment services.
The transaction is expected to increase NBG’s pro forma Common Equity Tier 1 Capital Ratio as well as the Total Capital Ratio by approximately 60 basis points with a reference date of 30.09.2022.
EVO (NASDAQ: EVOP) is a leading provider of payment technologies and services with a presence in over 50 markets worldwide. It offers a range of innovative, reliable and secure payment solutions to merchants of all sizes, from small and medium businesses to multinational companies and organizations across the globe.
UBS Europe SE acted as the exclusive financial advisor to NBG and the law firm Karatzas and Associates acted as assistant legal advisors for the transaction. Octane Business Consultants advised NBG on licensing issues, while KPMG Advisors MAE acted as an advisor on accounting and tax issues. In addition, the NBG Board of Directors obtained an independent opinion from Barclays Bank PLC regarding the reasonableness and fairness of the offer price as well as independent legal advice from Freshfields Bruckhaus Deringer LLP.
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