BPER Banca SpA has finalized the acquisition of 49% of Banco di Sardegna SpA's ordinary shares and 36.90% of its preferred shares from Fondazione Banco di Sardegna.
Following the transaction, BPER now owns 100% of Banco di Sardegna ordinary shares and 98.67% of its preferred shares, the financial institution said July 25.
Under the deal, announced in February, Fondazione di Sardegna transferred 10,819,150 ordinary shares and 430,850 preferred shares of Banco di Sardegna to BPER for an aggregate consideration of €180 million and exchanged an additional 10,731,789 Banco di Sardegna ordinary shares for 33 million newly issued ordinary shares of BPER, which were subscribed by Fondazione at a price of €5.1 per share, of which €3.0 was subscribed at share capital and €2.1 was subscribed at share premium.
In addition, BPER issued an Additional Tier 1 convertible bond with a nominal amount of €150 million, which was subscribed entirely by Fondazione for €180 million.
BPER said it was assisted in the transaction by KPMG Corporate Finance and Equita SIM, which acted as financial advisers, and by Legance Avvocati Associati and RCCD as legal advisers.