THE INTESA SANPAOLO GROUP SIGNS AGREEMENT FOR SALE OF ITS STAKE IN ALLFUNDS BANK TO HELLMAN & FRIEDMAN AND GIC
Turin - Milan, 7 March 2017 – The Intesa Sanpaolo Group has entered into a sale-and-purchase agreement in respect of the sale of its entire stake held in Allfunds Bank (“AFB”) to funds affiliated with Hellman & Friedman, a leading private equity investor, and GIC, Singapore's sovereign wealth fund, for a cash consideration of around €900 million. This stake is held through the Group’s subsidiary Eurizon Capital SGR and represents 50% of AFB’s capital.
AFB is a multimanager distribution platform for asset management products targeted at institutional investors and in 2016 contributed €34.5 million to the Intesa Sanpaolo Group’s consolidated income statement in terms of profits on investments carried at equity.
The finalisation of the transaction is subject to the customary regulatory authorisations being received. It will generate a net capital gain in the region of €800 million for the Intesa Sanpaolo Group’s consolidated income statement.
The Intesa Sanpaolo Group has been assisted in the transaction by BofA Merrill Lynch and Morgan Stanley as financial advisors and by Linklaters as legal consultant.
Last updated 7 March 2017 at 07:15