LONDON Oct 18 Banks are lining up a large loan
financing to back Cinven, Permira and Mid Europa's US$3.25bn
acquisition of Polish e-commerce businesses Allegro and Ceneo,
banking sources said on Tuesday.
The private equity trio agreed to buy Allegro and Ceneo from
South Africa's Naspers, it was announced on October 14.
Banks including Goldman Sachs and Societe Generale are
lining up the financing, which has attracted a large number of
international and local banks eager to be on the deal, the
banking sources said.
Although the full bank list has not been finalised yet,
around 10 banks could be in the final line up, which is also
expected to include BNP Paribas, ING and UniCredit, the banking
The majority of the financing will be senior secured loans
denominated in local currency, Polish Zloty. There could also be
a subordinated loan or bond, denominated in euros, the banking
Although the loan will attract some institutional investor
attention, it is expected to largely appeal to the banks, given
the geography and currency, the sources said.
Cinven and Mid Europa declined to comment. Permira was not
immediately available to comment.
Naspers acquired online marketplace Allegro in 2008 for
US$1.5bn, using it to establish other fast-growing businesses in
Poland, such as e-commerce site OLX and payment platform PayU.
Naspers will keep OLX, PayU, Otomoto and Otodom and said its
PayU unit will continue to provide payment processing services
to Allegro under a multi-year agreement. Ceneo, sold along with
Allegro, is a Polish price comparison business.
(Editing by Christopher Mangham)