Mount Street has reached an agreement with Erste Abwicklungsanstalt to buy EAA Portfolio Advisors.
The company will take over EPA, which has about 90 employees in London, Dusseldorf, New York and Madrid, once regulatory approval is granted.
It is expected to go through in the first half of the year.
EAA was created as an asset management company to wind down WestLB AG’s portfolio of more than €200bn non-performing loans, ABS, leveraged credit, asset finance and structured finance assets.
EPA has managed the portfolio over the past seven years, taking the EAA’s outstanding balance to €29bn.
Mount Street chief executive Ravi Joseph (pictured) said: “For the Mount Street brand, this transaction reaffirms our pre-eminent crediential as the counterparty of choice for banks and state entities considering strategic transactions of this nature.
“For the leadership of Mount Street, who have extensive prior experience in credit, asset finance and structured finance, this expansion is a natural progression in the evolution of our firm.”
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