On Friday, Banca Privada d'Andorra (BPA), through Banco Madrid, has managed to beat its main rival Andbank in the bid for the bank Inversis when it submitted a bid higher than the other bank, which is also from Andorra. Banco de Madrid has closed the operation at about 212 million Euros.
This week, both companies staged a battle to seize the Spanish institution, continually increasing their offers in order to win the bid. In the end, BPA has taken the upper hand and beat its major rival with an offer that far exceeds the 150 million Euros which were expected at the start of the auction.
Inversis shareholders, including Bankia, Sabadell, Indra, Cajamar, El Corte Ingles, Telefonica and Banca March have thus benefited from the duel staged by the Andorran banks. The Inversis board of directors signed off the sale to BPA this afternoon in Madrid, thus closing the chapter starring the two institutions.
Meanwhile, Banco Sabadell, with 15.15% of Inversis, informed the CNMV(Spain's national stock market regulator) on Friday of the signing of a sales contract for the price of 32.3 million Euros. The closing of the transaction is subject to the granting of the necessary regulatory approvals. For Banco Sabadell, the operation represents an approximate net gain of 18.9 million Euros.
The same contract of sale has also been signed by other shareholders, which altogether make up for a transfer of 92.93% of Banco Inversis’ share capital for a price which represents a valuation of Bank Inversis of 208.9 million Euros.