Engineering and Intesa Sanpaolo: Execution of the Agreement for the sale of Infogroup
Milan/Rome, 28 December 2017 - Engineering and Intesa Sanpaolo have executed the agreement for the sale of 100% of the share capital of Infogroup held by the banking group. The transaction, announced on 27 July 2017, was subject only to the customary regulatory authorizations from the competent authorities.
The agreement includes, among other things, the establishment of a commercial agreement between Infogroup and the Intesa Sanpaolo Group, and maintaining employment levels.
Infogroup, which has overall revenues of around 70 million Euro, has locations in Florence and Moncalieri. The company’s core business - equal to around 70% of production value - consists of IT services for the financial industry, which make up the majority of revenues, petrol, mass retail, ICT and Public Administration. Infogroup serves companies within the Intesa Sanpaolo Group by providing transaction banking services, corporate customer assistance, competence center, management services and solutions, bankassurance, compliance and document management.
The non-captive revenues, which cover the remaining 30% of production value is distributed mainly among services for banks and insurance companies, loyalty/e-commerce and financial type information services.
Intesa Sanpaolo was assisted in the transaction by EY and by the law firm Pedersoli Studio Legale.
Engineering is the leader in Italy in Digital Transformation. With more than 9,000 employees and more than 50 offices (in Italy, Belgium, Spain, Germany, Serbia, Brazil, Argentina and the USA), the Group manages IT initiative in more than 20 countries with project is all business areas: Finance, Public Administration & Healthcare, Manufacturing & Services, Telecos and Utilities. The Group operates in the outsourcing and cloud computing market via an integrated network of 4 data centers located in Pont-Saint-Martin (AO), Turin, Vicenza, and Milan, equipped with infrastructure aligned to the best technological, quality and security standards. Engineering has a leadership role in software research where it coordinates various national and international projects through a network of scientific and university partners throughout Europe.
Intesa Sanpaolo was formed through the merger of Banca Intesa and Sanpaolo IMI, two great Italian banking institutions with common values that joined together to grow to better support families and further contribute to business development growth of the country. Intesa Sanpaolo is one of the top banking groups in the Euro zone with market capitalization of 47.3 billion Euro (1). Intesa Sanpaolo is the leader in Italy in all business areas (retail, corporate and wealth management). The Group offers its services to 12.6 million customers through a network of more than 4,800 branch offices located throughout the country, with market shares of no less than 12% in most regions. Intesa Sanpaolo has a strategic presence in Central-Eastern Europe, the Middle East and North Africa, with over 1,100 branch offices and 7.6 million customers through subsidiary banks who deal in commercial banking in 12 countries. Furthermore, it has an international network that specializes in supporting corporate customers, which covers 26 countries, above all the Middle East and North Africa as well as countries in which Italian companies are most active such as the US, Brazil, Russia, India, and China.
(1) Data as at 30 November 2017
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Last updated 28 December 2017 at 10:13