At what enterprise value was PERMANENT TSB (PTSB) acquired in 2026?

During the acquisition of PERMANENT TSB (PTSB) by BAWAG in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Financial Services industry currently tracks an average EBITDA multiple of 13.9x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of PERMANENT TSB (PTSB) when it was acquired by BAWAG?

The exact EV/EBITDA multiple for PERMANENT TSB (PTSB) is available on mynth capital. For comparison, the Financial Services sector currently shows an average EBITDA multiple of 13.9x. Join our community for free to access full valuation data and industry trends.

When was PERMANENT TSB (PTSB) acquired by BAWAG?

PERMANENT TSB (PTSB) was acquired by BAWAG in 2026.

What was the revenue of PERMANENT TSB (PTSB) at the time of the deal?

The revenue of PERMANENT TSB (PTSB) at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the PERMANENT TSB (PTSB) acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the PERMANENT TSB (PTSB) deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.bawaggroup.com/en/investor-relations/ptsb-formal-sale-process

← DATABASE

Home Database Financial ServicesPERMANENT TSB (PTSB)

04/2026

PERMANENT TSB (PTSB) acquired by BAWAG

IRELAND Banking EV 1b - 4b EUR

Context

BAWAG Group has reached a definitive agreement to acquire 100% of the share capital of the target, facilitating a historic exit for the national government from its crisis-era banking stakes. This strategic transaction represents a transformative development in the regional retail banking market, creating a formidable challenger to the dominant domestic market leaders. The strategic rationale for the move centers on the acquirer’s objective to establish a significant paneuropean footprint, utilizing the target as a core growth platform in a robust and attractive economy. By incorporating this established retail lender, the organization reinforces its existing specialized credit operations in the region and gains access to a substantial domestic branch network and customer base. The partnership is designed to leverage the acquirer’s superior operational efficiency and "operating model" to address the target's relatively high cost-base. This integration facilitates the scaling of modernized mortgage and consumer lending solutions, providing the strategic depth required to compete effectively in a consolidated financial landscape. The move marks the first major entry by a foreign lender into the domestic system since the global financial crisis, signaling a return to international investor confidence in the region's financial stability.

PERMANENT TSB (PTSB), which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Financial Services sector (13.9x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Financial Services market trends

Target

Permanent TSB is a specialized financial organization providing retail banking services with a primary focus on the residential mortgage market. The entity’s business model is centered on offering personal banking products, including home loans, current accounts, and consumer finance solutions to a localized customer base. Its value proposition is anchored in being a significant domestic competitor within a concentrated banking landscape, facilitating home ownership through diverse lending platforms. Strategically, the firm focuses on maintaining a substantial physical branch network while modernizing its digital service delivery to enhance customer engagement. By operating as a core pillar of the national financial infrastructure, the organization ensures a mission-critical role in the domestic credit market. The entity prioritizes asset quality and operational efficiency to navigate the regulatory requirements of the Eurozone banking union.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

Similar deals in Financial Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
03/2026	ISRACARD	ESH BANK	ISRAEL	Banking	Isracard has entered into an agreement to acquire the digital challenger Esh Bank shortly before its official public launch. This transaction is strategically timed following Isracard's own acquisition by the Delek Group, signaling a bold move to challenge the country’s dominant banking duopoly. The strategic rationale for the deal centers on the immediate acquisition of a hard-to-obtain banking license and a state-of-the-art, cloud-native technology stack. By bringing Esh Bank’s infrastructure in-house, Isracard can transition from a payment specialist to a full-service digital bank, offering deposits and advanced credit products with significantly lower overhead costs than traditional competitors. The deal structure includes a mix of cash and share allocations, with specific performance-based milestones to align the interests of the founding team with the new parent company. Furthermore, the acquisition of a minority stake in Esh’s dedicated technology unit ensures that the acquirer maintains control over the core intellectual property driving the bank's automation and security. This partnership highlights the accelerating trend of established financial players "buying rather than building" digital capabilities to stay relevant in a rapidly evolving regulatory environment.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PERMANENT TSB (PTSB) by BAWAG are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: permanent tsb (ptsb)

Acquirer: bawag