Dexia has closed on a share purchase agreement to acquire 75% of DenizBank Financial Services Group. Dexia paid just under $2.5 billion for the stake in the Turkish bank.
<p>The 237,063,940,440 shares, representing a 74.9965% stake in Denizbank, were transferred from Zorlu Holding to Dexia Participation Belgique. The transaction values 100% of the shares of DenizBank at $3.238 billion.<br /><br />In compliance with Turkish law, Dexia Participation Belgique will now launch a mandatory tender offer for the remaining ordinary shares held by the minority shareholders and listed on the Istanbul Stock Exchange. This offer will be equivalent to that offered to Zorlu Holding. <br /><br />Dirk Bruneel, member of the management board of Dexia, will become chairman of the board of directors of DenizBank. Hakan Ates will remain chief executive officer of DenizBank.</p>