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.
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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
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