trending Market Intelligence /marketintelligence/en/news-insights/trending/ngZd592q2gGoYi26OG62aw2 content esgSubNav
In This List

Intesa Sanpaolo in €1.04B cash deal to sell 2 units

Blog

Spotlight on sustainability: How banks can overcome the challenges of achieving net-zero emissions by 2050

Blog

Insight Weekly: US election scenarios; borrowing costs rise; commercial REIT fears

Podcast

Street Talk | Episode 100 - KBW CEO offers optimism for bears fearful of bank liquidity, credit

Blog

Insight Weekly: Stocks endure more pain; bank branch M&A slows; debt ratios fall


Intesa Sanpaolo in €1.04B cash deal to sell 2 units

entered intoa sale-and-purchase agreement to divest the total share capital of units Setefiand Intesa Sanpaolo CardLtd. to a wholly owned subsidiary of Mercury UK Holdco Ltd. for acountervalue of nearly €1.04 billion in cash.

Thetransaction will generate a net capital gain of approximately €895 million forIntesa Sanpaolo's group consolidated income statement in 2016.

The agreementincludes a 10-year service contract as well as Intesa Sanpaolo's commitment to use the former units'processing services. The deal, which is subject to regulatory approval, isexpected to be finalized by the end of 2016.

UBSInvestment Bank served as financial adviser in the deal, while Studio Pedersoliwas the legal consultant.

MercuryUK Holdco is controlled by a consortium comprising , BainCapital and Clessidra SGRSpA.