Apollo-Backed OLB Scraps IPO in Favor of Crédit Mutuel Sale
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German regional lender Oldenburgische Landesbank AG has abandoned plans for an initial public offering and will instead be sold to Targo Deutschland GmbH, a subsidiary of France’s Crédit Mutuel Alliance Fédérale.
Shareholders of OLB, which include Apollo Global Management Inc., expect the German bank to to benefit more from the acquisition than a public listing, the lender said in a statement on Thursday.