Poste Italianethrough its subsidiary Vita Post, accelerates its presence in insurance field and launches a total takeover bid at 9,50 euros on Net Insurance, company specialized in credit insurance coverage.
Net Insurance, born in 2018 after the fusion with the Spac Archimedes, in four years it has built a capitalization of over 150 million euros and an offer articulated between non-life, salary-backed loans and the insurtech world. At the beginning of September, Poste Italiane had launched a takeover bid on Sourcesense, listed company su Euronext Growth Milan, operating in IT sector to develop digital health.
IBL Bank, current shareholder of Net Insurance with a stake equal to 26,64% of the share capital, and its managing director Andrew the Baptist They hired specific commitments to adhere to the offers. Upon completion of the transaction, it is expected that the manager will maintain a stake of approximately 2% of the share capital of Net Insurance, and that IBL - after accepting the offers with all the shares and warrants in its possession - will acquire a stake equal 40% of BidCo's share capital at a price that will be "parameterised pro rata to the disbursement actually incurred by BidCo for the payment of the considerations for the offers (and related costs), as well as BidCo's operating expenses".
In the late morning the title in MY BAG of Poste Italiane is at 7,68 euros, down by 1,84%, while the Net Insurance share, listed on the Star segment, was suspended for some time at the start of the session due to the excessive increase, and late morning share at 9,36 euros, up 1,26 pct.
Details of the transaction: offer of 9,50 euros per share and 4,81 euros per warrant
Poste Vita's Board of Directors, having acknowledged the favorable opinion expressed by the Parent Company's Board of Directors, which met yesterday under the chairmanship of Maria Bianca Farina, approved the promotion ofvoluntary cash takeover bid on the ordinary shares of Net Insurance and a voluntary takeover bid for cash on all the warrants called 'Warrant Net Insurance 2018-2023'. Poste Italiane communicated it with a note late yesterday evening.
The offers will be promoted by a corporate vehicle controlled by Poste Vita: the consideration, says the note, which will be offered for each action è equal to 9,50 euro (corresponding to a premium of 28,0 pct on the weighted average of the official daily prices of Borsa Italiana in the last month), while the consideration that will be offered for each warrants è equal to 4,81 euro (premium of 60,0% on the weighted average of Borsa Italiana prices in the last month). You will need to reach a threshold of adhesion on shares and warrants equal to 90% of securities to carry out the operation.
Closing of the operation expected for the first half of 2023, then delisting of Net Insurance
Completion, subject to conditions including obtaining regulatory and antitrust approvals, is expected by first half of 2023. The operation is then aimed at delisted from Piazza Affari Net Insurance.
Net Insurance is an insurance company whose offer is dedicated to insurance coverage connected to credit world and, in particular, of loans secured by the employee loans of salary or board, To protection (through non-life/non-motor bancassurance and through a network of brokers) and (to a very limited extent) at insurtech, thanks to agreements with technological partners.
Net Insurance in 2021 gross premiums of 149 million, +33% year on year
In 2021 Net Insurance reported gross premiums equal to 149 million (with an average annual growth of 33%), of which 91 relating to insurance coverage connected to the assignment of the fifth (corresponding to a market share of 21%) and a Net income normalized by 11,5 million.
Vitale he acted as an advisor to Net Insurance instead Equity advised Poste Vita as financial advisor on the transaction with a team led by Simone Riviera (Deputy-Head Investment Banking). The Milanese Sim has calculated that the price paid corresponds to a price/earnings multiple expected by 2023 of 12 times, while the takeover bid will increase Poste's earnings per share (Eps) by 1%.
