Poste Vita has acquired il 40% of the share capital of Eurizon Capital Real Asset Sgr (Ecra) through its subsidiaries Poste Vita and BancoPosta Fondi sgr. The announcement came today, Wednesday 14 July, through a joint note signed by Poste and Intesa Sanpaolo.
Eurizon Capital Real Asset Sgr (acronym Ecra) is the joint venture between Eurizon and Intesa Sanpaolo Vita specialized in investments in support of the real economy which manages assets of around 4 billion euro. The closing of the transaction, subject to the go-ahead from the supervisory authorities, is expected by the end of 2021.
According to what has been announced, Poste Italiane will enter the capital of Ecra through the subscription of a dedicated paid capital increase. Once the recapitalization is complete, Poste Italiane will acquire 40% of Eurizon Capital Real Asset Sgr and 24,5% of the voting rights. Intesa Sanpaolo Vita will hold a further 40% of the capital (still with 24,5% of the voting rights), while Eurizon will control 20% of the capital, corresponding to 51% of the share capital with voting rights. The assets under management will be totally attributable to Eurizon in whose balance sheet Ecra will remain 100% consolidated, informs the note.
Going forward with the details, based on the provisions of the agreement with Intesa, Poste Vita will entrust Eurizon Capital Real Asset Sgr with a investment mandate for a value of approximately 2,5 billion euros, a figure that will bring Ecra's assets to over 6,5 billion euros from the current 4 billion euros.
“The partnership “will enhance the expertise of the Poste Italiane group and the Intesa Sanpaolo group in the sector, together with Eurizon's capabilities in the institutional and private banking market”. The joint venture also represents – adds the note – “a unique collaboration opportunity in the life business between the two groups, benefiting from synergies of skills and full alignment of interests”.
Thanks to this operation, Eurizon Capital Real Asset Sgr, which is currently led by the CEO Silvana Chilelli, will turn into “main platform” for investments in the real economy in Italy and will be able "to attract resources also from other institutional investors and contribute to the relaunch of private investments in the economy", continues the note.
A Business Square, following the announcement, Poste Italiane shares lost 0,32%, while Intesa Sanpaolo shares gained 0,64%.
