Arepo BP, our controlling shareholder, and Twenty First Capital S.a.S. (TFC) – a French management company of alternative investment funds and limited partners and portfolio manager of the French-registered fund Fonds Archimedes – have reached a conditional binding agreement for the sale of a number of Banca Profilo shares held by Arepo representing the 29 % of share capital net of treasury shares.
The total price for the sale is equal to Euro 50.4 million, significantly higher than the market values and corresponding to our valuation of approximately Euro 180 million for 100%. TFC’s commitment to carry out the sale is subject to the circumstance that Arepo concludes agreements for the sale of at least a further 22% of the share capital of the same, with third party investors to be identified, including strategic and financial subjects.
TFC represented that it is interested in acquiring Banca Profilo as part of the overall strategy of Fonds Archimedes aimed at building a portfolio of medium-sized European financial services providers.
The operation is therefore part of the long-term strategic investments of the Fonds Archimedes with the aim of guaranteeing the continuity of our business model and at the same time helping to develop and further expand the bank’s activities so as to continue our journey of excellence as an Italian and European financial boutique.
Read the press release here.