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Kleinwort Benson Group Limited (“KBG”), the wholly owned subsidiary of financial services group RHJ International (“RHJI”), has reached an agreement with Deutsche Bank to acquire BHF-BANK, one of Germany’s leading private banks.
Under the transaction, KBG will acquire 100% of BHF-BANK for an agreed consideration of €384 million, which will be paid in cash and is subject to closing purchase price adjustments. In addition to funds provided by RHJI, the associated capital increase in KBG is supported by Fosun Group, AQTON SE (the wholly owned strategic investment company of German entrepreneur Stefan Quandt), entities affiliated with Timothy C. Collins, and individual investment funds managed and/or sub-advised by BlackRock Investment Management, LLC. Upon completion of the transaction, RHJI will remain a majority shareholder in KBG, with a stake of approximately 60%.
The proposed transaction is subject to regulatory approvals.