Schoenherr has advised Zürich listed Liechtensteinische Landesbank AG (“LLB”) on the acquisition of Semper Constantia Privatbank AG (“Semper Constantia”), Vienna. The acquisition agreement was signed on 21 December 2017. The purchase price amounts to €185m and will be paid partly in cash and partly in LLB shares. The final purchase price will be determined at the end of an earn-out period. The current majority shareholders of Semper Constantia, the Haselsteiner-Familien-Privatstiftung and grosso holding Gesellschaft mbH are planning to acquire a stake of around 6 percent in LLB.
The acquisition is still subject to regulatory and anti-trust approvals and will take place in two steps: In a first step, LLB is expected to complete the acquisition of Semper Constantia in July 2018, including the takeover of customer assets of approximately CHF17bn (as of June 30, 2017). This brings the LLB Group’s business volume to over CHF75bn. In a second step, Semper Constantia is planned to merge with “LLB Österreich” in September 2018.