Intesa Sanpaolo Agrees to Sell Units for EUR1.04 Billion to Private Equity Firms
May 02 2016 - 2:19AM
Dow Jones News
By Liam Moloney
ROME--Intesa Sanpaolo SpA (ISNPY) said on Monday it has agreed
to sell two units for 1.04 billion euros ($1.20 billion) in cash to
a consortium comprising private-equity funds Advent, Bain Capital
and Clessidra, as part of the Italian bank's focus on core
businesses.
In a statement, Intesa Sanpaolo said it entered into a
sales-and-purchase agreement with Mercury U.K. Holdco Ltd. for its
Setefi and Intesa Sanpaolo Card payments unit.
The deal is expected to be finalized by the end of this year and
will generate a net capital gain of about EUR892 million in Intesa
Sanpaolo's 2016 consolidated income statement, the lender
added.
Last week, The Wall Street Journal cited a person familiar with
the matter as saying the Italian bank was in talks with a number of
buyers to sell its Setefi payments unit in a deal that could value
the business around EUR1 billion.
Write to Liam Moloney at liam.moloney@wsj.com
(END) Dow Jones Newswires
May 02, 2016 03:04 ET (07:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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