Banca Carige SpA agreed to sell an 80.1% stake in consumer credit unit Creditis Servizi finanziari SpA to Chenavari Investment Managers, for a consideration of €80.1 million.
The deal, which forms a part of Banca Carige's capital increase activities, is expected to be closed at the end of the first half of 2018. KPMG Corporate Finance acted as business adviser to Banca Carige on the deal, with Bonelli Erede as legal adviser.
The lender also closed its rights issue Dec. 6, under which roughly 49.8 billion newly issued ordinary shares were offered and another reserved tranche of up to 6 billion newly issued ordinary shares was placed with holders of bonds issued as part of an earlier debt conversion. Of the first tranche, 33.1 billion or 66% of the shares were subscribed for about €331 million, while around 4.6 billion, or 77%, of the shares from the reserved tranche were subscribed for approximately €46 million.
Any rights that remain unexercised after the issuance will be subscribed for by Equita SIM SpA on behalf of first-allocation sub-underwriters, but priority will be given to Malacalza Investimenti Srl to allow it to raise its shareholding in the bank to 28%.
Clifford Chance acted as legal adviser for Banca Carige on the entire capital hike process.