Who is Blackstone?
Blackstone is one of the world’s leading investment firms. They seek to create positive economic impact and long-term value for our investors, the companies they invest in, and the communities in which they work. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Their asset management businesses, with $584 billion in assets under management as of September 30, 2020, include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com.
What does it mean that NIBC is now acquired by Blackstone?
The acquisition by Blackstone is a change in ownership structure, and not a change in strategy, way of working or corporate culture. We will continue to execute our client focused strategy, and the acquisition will not have an effect on management, employment or service to our clients.
At least within the coming weeks, we will not be listed anymore on the Euronext stock exchange.
What will clients and other stakeholders notice of the acquisition?
We believe the acquisition is a positive step in NIBC’s development and strategy and we are excited about this next step in our rich history. We believe that NIBC, together with Blackstone and through its entrepreneurial culture, will be equipped to further strengthen its position as a leading niche banking player. NIBC’s dynamic and agile approach allow it to successfully capitalize on evolving market opportunities across its corporate franchise where it focuses on niche, underserved or granular markets as well as in its retail franchise where it has a strong foothold in the Dutch mortgage market.
Blackstone will provide further support for NIBC’s strategy focused on providing an attractive retail offering, growing its originate-to-manage platform and transforming and growing its corporate lending in certain more granular niche segments of the market.
This acquisition will brings positive energy and we believe that, as a delisted company supported by a strong shareholder, NIBC is in an even better position to capitalise on the market opportunities, for the benefit of all stakeholders, including its clients and employees. It is important to emphasize that this acquisition will not have any impact on our day-to-day business and the way we do business – now and in the future.
Will there be any changes to NIBC’s management as a result of the acquisition by Blackstone?
The day-to-day management of NIBC will remain unchanged. There will be changes to the Supervisory Board: the representatives of JC Flowers & Co will resign from the Supervisory Board as per settlement (being Mr Flowers, Mr Christner and Mr Carrión). As of settlement Mr Abbas and Mr El Gabbani will become member of the Supervisory Board on behalf of Blackstone. A third member of the Supervisory Board, nominated by Blackstone, will be appointed in due course.
What are the next steps to be taken and when will the delisting take place?
18 December, we’ve obtained all Regulatory Clearances required to close the Offer and on 24 December, Flora Acquisition (Blackstone) declared the cash offer for all shares of NIBC unconditional.
NIBC will proceed with distributing the 2019 Final Dividend of EUR 0.53, which will be paid on 30 December 2020. Settlement of the tendered shares will take place on 30 December 2020 as well. On that day the shareholders that have tendered will receive EUR 7 per share which will result in public shareholders receiving EUR 7.53 per share in aggregate.
As of that day Blackstone will be the majority owner of NIBC.
Remaining Shares can be tendered in a post acceptance period commencing 28 December 2020 and ending on 11 January 2020.
The expected delisting at Euronext stock exchange will take place at least within the coming weeks.