Banca IFIS SpA said it signed binding agreements with UniCredit SpA, BNL–BNP Paribas Group and Italian pharmacists' association Federfarma for the acquisition of a controlling stake in Italian pharmacy financing firm Credifarma SpA.
Federfarma owns a 67.5% stake in Credifarma, while UniCredit, BNL–BNP Paribas Group equally own minority stakes for the remaining 32.5% of the company.
Banca IFIS will acquire UniCredit's and BNL–BNP Paribas Group's stake and some of Credifarma's stake, and carry out a capital increase to provide Credifarma with a solid capital base.
Banca IFIS said the overall investment for the acquisition, including the capital increase, will be roughly €10 million.
The transaction, subject to approval from the Bank of Italy, is expected to be completed in the summer.
Following the deal, Banca IFIS will own approximately 70% of Credifarma, while Federfarma will retain a 30% stake in the company.
Clifford Chance acted as legal adviser to Banca IFIS, while KPMG Corporate Finance acted as financial adviser.
