William Fry is pleased to be advising the Department of Finance in connection with the proposed acquisition of Permanent TSB Group Holdings plc (“PTSB”) by BAWAG PSK, following a formal sale process undertaken by PTSB.

The transaction values PTSB at €1.6bn and, subject to completion, will result in proceeds for the State of c.€931m in respect of the Minister for Finance’s 57.5% shareholding.

The transaction presents the State with the opportunity to exit its last remaining shareholding in an Irish bank after 17 years. Since 2015, William Fry has advised the Department of Finance on the return of the Irish banking sector to private ownership, including on the IPO and subsequent sell-down of the State’s 99% shareholding in AIB Group and the sale of the State’s remaining shareholding in Bank of Ireland Group.

The William Fry team advising the Department of Finance on this transaction was led by Corporate Partner, Mark Talbot, and Senior Associate, Trish McGrath.