OREANDA-NEWS  On 17 November was announced, that Group DF integrating the assets of Dmitri Firtash, a co-owned of gas trader – RosUkrEnergo, confirmed acquisition of a controlling stake in Nadra bank (PFTS: NADR). The deal is expected to be finalized within several weeks. According to Robert Shetler-Johnson, Group DF managing director, the purchased bank will be used as a financial center for servicing of industrial businesses possessed by the group.

The data on acquisition price and stake size range considerably. According to Ekonomicheskie izvestia, the price paid for Nadra bank was record-low. There is an opinion that in the course of the bargaining the price fell to USD 50 mn, while the size of the stake purchased by Group DF increased to 91.73%. This selling price corresponds to P/BV equal to 0.13. A considerably higher price was also mentioned – USD 600 mn for a 86.7% stake, which more resembles the truth and corresponds to P/BV equal to 2.08 including the new shares issued. It should be said that presently the shares of the other banks are traded with P/BV at the level ranging 0.3 – 1.5.

We must say that under the deal terms and conditions a new owner is to commit itself to settle the external debts of the bank reaching USD 400 mn as well as to agree the term for repayment of debt to the National Bank of Ukraine, We would like to remind the readers that a month ago the bank obtained from the NBU a UHA 1.5 bn loan for one year.