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Piraeus Bank announced the sale of its car rental subsidiary Avis

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Piraeus Bank announced that its BoD approved the sale of 100% of the share capital of its subsidiary “Olympic”, the holder of the master franchises for Greece of Avis Rent a Car, Budget Rent a Car and Payless, to a consortium comprising of “Olympia Group S.A.” and “Virtus International Partners LP”. 

 

The agreed consideration is Eur80.6 mn fully paid in cash, implying an EV for Olympic of Eur318.1 mn.

 

The transaction is neutral to the Bank’s CET1 and represents another step towards the implementation of the Bank’s restructuring plan.

 

The transaction is subject to relevant regulatory and other approvals as well as to HFSF consent.

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