Private equity funds Advent International, Bain Capital and Clessidra have signed a binding deal to buy Italian banking services provider ICBPI for 2.15 billion euros ($2.4 billion), the consortium said in a joint statement on Friday.
Current ICBPI shareholders will keep an 8 percent stake after the acquisition which is subject to clearance from antitrust authorities and the European Central Bank, the statement said.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The Italian cooperative lenders that own ICBPI, led by Credito Valtellinese, had decided to sell the profitable asset due to regulatory pressure to bolster their capital bases. ($1 = 0.8816 euros)
Source: Reuters
Can’t stop reading? Read more
Coefficient Capital raises $500m across funds to scale consumer growth strategy
Coefficient Capital raises $500m across funds to scale consumer growth strategy Coefficient...
Fund Friday: Top fundraising news in private equity
Fund Friday: Top fundraising news in private equity Blackstone has raised more than $12bn for its...
Philippe Laffont’s $70bn Coatue pivots to launch AI crossover fund
Philippe Laffont’s $70bn Coatue pivots to launch AI crossover fund Coatue Management is preparing...