Nova Ljubljanska Banka d.d. (LJSE:NLBR) entered into an agreement to acquire Summit Leasing Slovenija D.O.O. from funds managed by affiliates of Apollo Global Management Inc. ("Apollo Funds") and the European Bank for Reconstruction and Development ("EBRD") on November 30, 2023. The consideration for the transaction represents a modest premium to the book value of Summit Leasing. Subject to the development of the business up until completion, the acquisition is expected to increase NLB's risk weighted assets by approximately ?700 million, comfortably within ?4 billion tactical capacity for M&A. Cost and funding synergies are expected to ensure that the transaction is earnings accretive from the first full year of acquisition, with full realisation of cost synergies targeted within a period of approximately 18 months from completion.

Completion of the transaction is subject to regulatory and anti-trust approvals and is planned for the second half of 2024. Deloitte & Touche Corporate Finance UK Limited acted as financial advisor, Deloitte CE acted as due diligence provider, Kinstellar, s.r.o., advokatni kancelar and Kavcic, Bracun & Partners, o.p., d.o.o. acted as legal advisors to NLBR in this transaction.