PQH completes sale of Aeolus portfolio to Intrum Hellas DAC

PQH Single Special Liquidation S.A. (“PQH”), Special Liquidator for all credit and financial institutions under special liquidation in Greece, announces the signing of the Sale and Purchase Agreement (SPA) of the Aeolus portfolio with Intrum Hellas DAC, a special purpose vehicle of the international credit management group Intrum Group, for €71.1mln, or 7% of the €1bn outstanding principal.

The Aeolus portfolio comprises of unsecured retail and small business non-performing loans with a gross book value of €1.1bn and total balance of €2.4bn.

The competitive tender process for this sale was launched in July 2019 and attracted significant interest from international investors.

Mr. Xanthos Vrachas, PQH Chief Executive Officer stated: “The sale of Aeolus confirms our diligent planning, thorough preparation and effective execution of the transaction in line with international standards and within the regulatory framework set by the Bank of Greece. This transaction is an important milestone for the achievement of our future strategic goals.”

Mr. Akis Bis, VP and Managing Director of Intrum Holdings Greece, stated: “Intrum in Greece has the necessary infrastructure and know-how to manage such portfolios efficiently and this new investment confirms our confidence in both the growth prospects of the economy and the importance of Greece as a ‘Strategic Market’ for the Intrum Group”.

The transaction is expected to be completed within the first quarter of 2020. The portfolio will be serviced by Intrum Hellas Société Anonyme for the Management of Receivables from Loans and Credits, licensed by the Bank of Greece, as according to Law 4354/2015.

Morgan Stanley & Co. International plc served as financial advisor to PQH and the law firm of Potamitis-Vekris as legal advisor.