Nicosia, Cyprus. The Cyprus Commission for the Protection of Competition said on Friday it received a merger notification related to the acquisition of a portfolio of non-performing loans from Alpha Bank Cyprus Limited.
Merger notification and review
The Commission for the Protection of Competition’s service said the buyer is Cerberus Capital Management L.P., acting through Delta Credit Purchaser Limited. The notification was submitted in relation to a concentration under competition law, triggering a review by the competition authority.
Transaction scope
The transaction concerns the acquisition of a portfolio of non-performing loans and related collateral and facilities currently held by Alpha Bank Cyprus Limited.
Parties involved
Cerberus Capital Management L.P. is registered with the United States Securities and Exchange Commission and operates as an investment adviser, with activities focused on investments in real estate and personal property.
The acquisition is being carried out through Delta Credit Purchaser Limited, formerly known as Delta CAC Limited. Delta Credit Purchaser Limited is a licensed credit acquiring company registered under the laws of the Republic of Cyprus and was established by Promontoria Holding 458 B.V., which is affiliated with Cerberus Capital Management L.P.
Stated purpose
Delta Credit Purchaser Limited’s stated purpose is the acquisition of loan portfolios, including portfolios from the Bank of Cyprus and Alpha Bank.
What impact could the competition authority’s review have on this transaction?