ABBank set to change hands
A preliminary agreement for the acquisition of a package of shares in Aegean Baltic Bank (ABBank) has been signed, according to information, by the main shareholders of the bank and a venture controlled by billionaire investor Aristotelis Mystakidis.
The development comes after 12 months of negotiations – including some long breaks – between the two sides. According to the same sources, the Mystakidis side will obtain a majority stake, while the Afthonidis family and the Nikos Tsakos group will remain shareholders with significant stakes.
The sellers are the side of Ioannis Koustas, while part of its shares will be made available by the family of the founder and head of the bank, Theodoros Afthonidis.
The preliminary agreement constitutes a term sheet, i.e. it is a non-binding agreement that captures the basic terms and conditions of the Mystakidis investment. The term sheet usually serves as a template and basis for more detailed, legally binding documents later on.
The share purchase agreement will probably be signed in the coming weeks.
