Austrian bank BAWAG to acquire PTSB for €1.6bn

The State is expected to receive around €931m from the sale.

Austrian bank BAWAG has won the race to acquire PTSB in an all cash transaction valued at just over €1.6bn, it has been announced.

Last month, BAWAG said it had submitted a non-binding proposal to acquire PTSB as part of a sales process launched last October. Under the Recommended Cash Offer, which has been unanimously recommended by the PTSB Board, BAWAG will acquire the entire issued share capital of PTSB.