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ISNPY Intesa Sanpaolo SPA (PK)

22.0299
0.3599 (1.66%)
22 Apr 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Intesa Sanpaolo SPA (PK) USOTC:ISNPY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.3599 1.66% 22.0299 21.97 22.04 22.07 21.85 21.87 366,139 21:00:26

Intesa Sanpaolo Agrees to Sell Units for EUR1.04 Billion to Private Equity Firms

02/05/2016 8:19am

Dow Jones News


Intesa Sanpaolo (PK) (USOTC:ISNPY)
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By Liam Moloney

 

ROME--Intesa Sanpaolo SpA (ISNPY) said on Monday it has agreed to sell two units for 1.04 billion euros ($1.20 billion) in cash to a consortium comprising private-equity funds Advent, Bain Capital and Clessidra, as part of the Italian bank's focus on core businesses.

In a statement, Intesa Sanpaolo said it entered into a sales-and-purchase agreement with Mercury U.K. Holdco Ltd. for its Setefi and Intesa Sanpaolo Card payments unit.

The deal is expected to be finalized by the end of this year and will generate a net capital gain of about EUR892 million in Intesa Sanpaolo's 2016 consolidated income statement, the lender added.

Last week, The Wall Street Journal cited a person familiar with the matter as saying the Italian bank was in talks with a number of buyers to sell its Setefi payments unit in a deal that could value the business around EUR1 billion.

 

Write to Liam Moloney at liam.moloney@wsj.com

 

(END) Dow Jones Newswires

May 02, 2016 03:04 ET (07:04 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

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