The European Commission (EC) has approved the privatisation of German state-owned HSH Nordbank to a consortium of private equity funds led by J.C. Flowers and Cerberus.
HLPFI reported in March 2018 that a consortium of private investors would acquire HSH Nordbank for approximately USD1.2 billion. The EC said HSH Nordbank is being sold to the bidders with the highest and most credible offer, in an open and transparent process that resulted in a positive price. Under its new ownership's business plan, HSH Nordbank is expected to return to viability, said the EC.
Commissioner Margrethe Vestager, in charge of competition, said: "The German authorities have found a sustainable solution for HSH Nordbank that avoids the need for further public support for the bank. On the basis of the new private owner's business plan, HSH can become a viable market player, continuing to support economic development in Germany.”
