BAWAG Group is set to pay €2.97 in cash for each Permanent TSB (LSE:PTSB) share, delivering total proceeds of €930.7 million to the Irish State, and valuing PTSB at approximately €1.61 billion.
The PTSB Board has unanimously recommended the offer following a formal sale process.
In an announcement, the bank said the price implies a FY2025 P/E of 14.4x (above the listed Irish banks' average of 10.6x), an implied price to tangible book of 0.82x and reflects a c.26% premium to PTSB’s undisturbed close on 29 October 2025.
The deal is subject to shareholder and regulatory approvals and High Court sanction. PTSB directors have given irrevocable undertakings (together holding 98,462 shares, c.0.0181%) and the Irish authorities have undertaken to vote in favour in respect of 313,382,197 shares (c.57.5%).
"We are thrilled to have been selected by PTSB to enter into this transaction. The trust and confidence placed in us by the PTSB Board and the Minister, as the bank's majority shareholder, is something we take very seriously." — Anas Abuzaakouk, Chief Executive Officer of BAWAG PSK.
