Iren, the Milan-listed Italian multiutility, acquired Egea, a competitor with debt of about 700 million euros (300 million of banking liabilities) (see here a previous post by BeBeez). Iren subscribed for a capital increase of 85 million. The remaining 50 % of Egea Holding belongs to Pier Paolo Carini. Prior to this transaction, the target belonged to Carini (56.3 %), 20 private investors (8.2 %) and 130 municipalities (35.5 %). Iren will also have a four-year call option, exercisable starting March 31, 2025, to acquire Carini’s shares. As of January 1, 2025, Iren will also have the option to increase its stake in Egea to 60 % through the subscription of a reserved capital increase of 42.5 million. Davidson Kempner European Partners also submitted an offer for Egea.
Nextalia Credit Opportunities (NCO) accepted Digital Value’s binding proposal for Italtel and sold Nuova PSC and Atisa to Conpat Consortium and the energy business of PSC, a troubled infrastructure group that the Pesce family founded, to the Arcipelago consortium (see here a previous post by BeBeez). NCO previously made commitments to invest up to 63.9 million euros in PSC, which has liquidity of 13.9 million. These resources will repay PSC’s rescheduled debt of 77.8 million (48 million with SACE received 56.29% of the dues). Italtel belongs to PSC (53.66%), Clessidra Capital Credit (28.62%) and TIM (17.72%).
Phinance Partners, a private debt investor that Enrico Cantarelli founded, securitized a 206 million euros portfolio of corporate and retail NPEs that an international institutional investor sold (see here a previous post by BeBeez). Phinance Partners received assistance from DLA Piper and acquired the portfolio through POS spv. A leading Italian institutional investor will underwrite the securities that POS will issue. After this purchase, the total value of Phinace’ NPEs portfolio is of above 1.5 billion.
Nextalia raised 215 million euros for turnaround fund Nextalia Capitale Rilancio (NCR) from Italian banks and insurance companies, pension funds, family offices, and entrepreneurs (see here a previous post by BeBeez). Nextalia received assistance from Giovannelli and Associates. BeBeez previously reported that Patrimonio Rilancio – CdP committed to invest 100 million in NCR whose investment team includes senior partners Francesco Rigamonti, Giovanni Fregnan and Roberto Pisa and partners Lorena Ponti and Valentina Roggiani Gussago. NCR will appoint two more partners by the end of 2024.
