Intesa Sanpaolo Spa has signed an agreement to sell its share in the capital of Allfunds Bank - held through the subsidiary Eurizon Capital Sgr and equal to 50% of the capital - to the funds belonging to Hellman & Friedman and the Singapore sovereign wealth fund GIC for approximately 900 million euros in cash.
From the operation, Intesa will obtain a net capital gain of 800 million. Allfunds is jointly controlled by Santander Asset Management and Intesa Sanpaolo.
The completion of the transaction, subject to the go-ahead from the competent authorities, will result in a net capital gain of around 800 million euro for the consolidated income statement of the Intesa Sanpaolo Group.
AFB is a multi-manager distribution platform of asset management products aimed at institutional investors and in 2016 it contributed 34,5 million euro to the consolidated income statement of the Intesa Sanpaolo Group in terms of profits from investments valued at equity.
In the transaction, the Intesa Sanpaolo Group was assisted by BofA Merrill Lynch and Morgan Stanley as financial advisors and by Linklaters as legal advisor.
