Poste Italiane SpA signed a binding memorandum of understanding with Anima Holding SpA aimed at strengthening their existing partnership in the asset management business.
The two Italian companies intend to partially spin off the delegated portfolio management activities underlying traditional life insurance products belonging to BancoPosta Fondi SGR, a unit of Poste Italiane, in favor of Anima SGR, according to a Dec. 21 joint statement.
Under the agreement, Poste Italiane will receive newly issued shares of Anima SGR, which will be simultaneously repurchased by Anima Holding, for an all-cash consideration of €120 million.
Poste Italiane will retain its full ownership of BancoPosta, with the aim of creating a competence center to manage all the group's financial investments. The unit is directly in charge of structuring the group's asset management products and cooperating with the best asset managers.
Poste Italiane holds a 10.04% stake in Anima Holding.
Poste Italiane is making more investments in financial businesses amid a decline in mail delivery services. The government-owned company's strategy will be key in a business plan that is set to be unveiled at the beginning of 2018, Reuters noted the same day.