Strategic partership with Tinexta to support italian SMEs
Intesa Sanpaolo and Tinexta Group have entered into a strategic partnership that aims to establish an hub with high value-added services dedicated to the Italian SMEs.
Through the partnership between Intesa Sanpaolo and Tinexta, a wide range of non-financial services will be provided to 110,000 customers in the SME segment of Intesa Sanpaolo's Banca dei Territori Division, comprising approximately 150,000 small and medium sized companies.
The transaction sees Intesa Sanpaolo transfer 100% of its shares in Intesa Sanpaolo Forvalue to Innolva S.p.A., a subsidiary of Tinexta, with the subscription of newly issued shares deriving from a reserved share capital increase.
DETAILS OF THE AGREEMENT AND PARTNERSHIP DEVELOPMENT PLAN
With the partnership between Intesa Sanpaolo and Tinexta Group, Intesa Sanpaolo will confer the 100% stake of Intesa Sanpaolo Forvalue in Innolva S.p.A. with the subscription of newly issued shares, resulting from a reserved capital increase.
The partnership between Intesa Sanpaolo and Tinexta transfer will result in 75% of Innolva's share capital being held by Tinexta, which retains the corporate governance majority, and 25% by Intesa Sanpaolo. The value of the transfer has been fixed at EUR 55 million. There is also scope for put & call options on the 25% share capital held by Intesa Sanpaolo in Innolva S.p.A., subject to the termination of the partnership and/or determined results with respect to plan targets, and exercisable in two times windows, June 2025 and June 2026.
In addition, an earn-out is envisaged in the event that certain planning objectives are exceeded, ratified with the approval of Forvalue's 2025 financial statements, which will allow Intesa Sanpaolo to increase its equity investment in Innolva, up to a further 5% of the share capital.
Intesa Sanpaolo Forvalue, an extensive network offering non-financial products with preferential access to the customers of Italy's largest credit institution.
Intesa Sanpaolo Forvalue coordinates a sales network of over 90 single-firm agents, widely distributed throughout the country, allowing preferential access to the business client portfolio of Intesa Sanpaolo's Banca dei Territori Division.
Tinexta, a leader in supplying specialised high value-added services to SMEs and operating in the following business areas: Digital Trust, Cyber Security, Credit Information & Management, and Innovation & Marketing Services.
Tinexta S.p.A., with its unique business model and excellent vertical expertise, is one of the main specialist operators in the SME sector, offering consultancy and support in obtaining facilitated financial instruments for innovation, consultancy for internationalisation, digital marketing and services to assist decision-making for integrated management of the credit cycle.
Last updated 23 June 2021 at 16:02:07
