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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.