UniCredit Signs Agreement With Dorotheum to Dispose of Italian Pawncredit Business
30 Novembro 2017 - 5:42AM
Dow Jones News
By Marc Bisbal Arias
UniCredit SpA (UCG.MI) said Thursday that it has signed a
binding agreement with Dorotheum GmbH & Co KG for the disposal
of its Italian pawncredit business.
The transaction envisages a consideration of 141 million euros
($167.1 million) at closing and a potential earn-out in favor of
UniCredit of up to EUR10 million after three years, the bank
said.
The operation is subject to regulatory approvals.
Completion of the deal is expected in the first half of 2018
through the contribution of the pawncredit business to a newly set
up financial company that will be wholly owned by Dorotheum,
UniCredit said.
A close to EUR100 million positive impact will be generated for
UniCredit next year, as well as almost 4 basis points on its
consolidated common equity tier 1 ratio, which is a key measure of
capital strength for banks, it said.
Dorotheum, which intends to expand its business throughout
Italy, has been an Austrian pawncredit service provider and auction
house for more than 310 years. With this agreement, it will become
the largest operator in Europe, UniCredit said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
November 30, 2017 02:27 ET (07:27 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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