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UniCredit to sell Italian pawn credit business to Dorotheum

UniCredit SpA signed a binding agreement for the sale of its Italian pawn credit business to Austria-based Dorotheum GmbH & Co. KG for a consideration of approximately €141 million, to be paid at deal completion.

The Italian lender noted that the deal, expected to be completed in the first half of 2018, will give it a potential earnout of up to €10 million to be paid in three years and that the transaction will increase its 2018 consolidated profit and loss account by €100 million and its common equity Tier 1 ratio by about 4 basis points.

The pawn credit business will be added to a newly established wholly owned company that Dorotheum owns. The deal is subject to customary closing conditions and regulatory approvals.

UniCredit Corporate & Investment Banking and PwC Advisory acted as financial advisers for UniCredit on the deal, while Gianni Origoni Grippo Cappelli & Partners acted as legal adviser.

Dorotheum had KPMG Corporate Finance as financial adviser, Studio Santa Maria as legal adviser and KPMG Transaction Services for business, financial and tax due diligence.