Cleary Gottlieb is representing bpost NV/SA (bpost) in its negotiations with BNP Paribas Fortis NV/SA (BNPPF) relating to bpost’s and BNPPF’s partnership for bpost bank NV/SA (bpost bank).
On December 23, 2020, bpost reached a nonbinding agreement with BNPPF on their future longterm partnership for bpost bank. In the context of such future partnership, bpost would sell its 50% stake in bpost bank to BNPPF, in exchange for a purchase price that is expected to range between €100 million to €120 million. bpost will continue to provide banking services through its physical network of post offices.
bpost and BNPPF have the intention to sign binding agreements by the end of March 2021, with the objective to close the transaction by the end of 2021. The duration of the future partnership is seven years. The transaction will be subject to customary conditions, including regulatory approvals.