KKB To Buy Rival In $900M Deal, Along With Kazakh Investor

Law360, New York (February 6, 2014, 1:57 PM EST) -- Kazakhstan's Kazkommertsbank and Kazakh businessman Kenes Rakishev will buy rival JSC BTA Bank for more than $900 million, the two said Thursday, in a deal KKB said will improve the structure of the banking sector in a "challenging growth environment."

The all-cash deal sees the combination of KKB and Rakishev taking over majority control of BTA, with each picking up a 46.5 percent equity stake in the bank from its current owner, Kazakh sovereign wealth fund Samruk-Kazyna. The bank and Rakishev will pay about $465 million...
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