Milan-listed credit servicer doValue, a firm that has assets under management with a Gross Book Value of 117 billion euros, said it tabled a binding offer for acquiring Italian competitor Gardant from Elliott Management (87.12% owner) and Tages managers and shareholders (12.88%) (see here a previous post by BeBeez). Manuela Franchi, the ceo of doValue, said to BeBeez that negotiations have been longer than expected. The buyer will finance the transaction with a 430 million senior amortizing loan of 5 years and a three-years 70 million Revolving Credit Facility. The avereage cost of such facilities is of 6%. Furthermore, doValue will launch a capital increase of 150 million that Fortress Investment (an asset of Abu Dhabi Mubadala that owns 28.3% of doValue), Bain Capital (13.6%), Elliott, and further monority owners of Gardant will subscribe pro-quota for a total of 82.5 million. Such resources will also help doValue in repaying a 264 million bond with a 5% yield maturing in 2025 and possibly for a partial reimbursement of a 296 million bond with a 3.4% yield maturing in 2026, Franchi added. Jefferies, BonelliErede, White&Case, and PwC assisted doValue while Lazard advised Gardant.
Anthilia GAP, an Italian midmarket hybrid private capital fund of Anthilia Capital Partners, attracted 10 million euros from Cassa Ragionieri (the pension fund of Italian accountants) (see here a previous post by BeBeez). Anthilia GAP raised a total of 133 million ahead of a target of 250 million that will support Italian SMEs in need of a relaunch.
Raffaele Fitto, the Italian Ministry for Europe in charge of the National Recovery and Resilience Plan (NRRP), and Giancarlo Giorgetti, the Italian Ministry of Economy and Finance, will adopt the EU NPL Secondary Market Directive that will be operative on 29 June, Saturday (see here a previous post by BeBeez). BeBeez invites you at Milan’s Four Seasons’ Hotel (Via del Gesù 4/6) for the NPL Coffee on 19 June, Wednesday, at 11AM for also discussing about this normative framework. Arec Neprix, Cherry Bank and ILS sponsor such event. Click here for booking your presence or click here for attending through Zoom
