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Fortress Investment acquiring significant portion of UniCredit NPL portfolio

Fortress Investment Group LLC has agreed to acquire a significant portion of a €17.7 billion portfolio of nonperforming Italian loans from UniCredit SpA.

At closing, the acquisition will represent the largest nonperforming loan transaction in Europe, according to a news release.

Fortress and its affiliates have acquired about €22 billion of nonperforming loans in Italy since 2000, not including the UniCredit transaction.