Unicredit has signed a binding agreement to sell the pawnbroking assets in Italy to Austrian auction house Dorotheum for €141 million, to be paid upon closing. A potential earn-out of up to 10 million is also envisaged for the Bank after three years. In 2018, the transaction will have a positive impact of around 100 million on Unicredit's consolidated income statement and almost 4 basis points on the group's Cet1 ratio.
Dorotheum, with a history of over 310 years, operates in the pawnshop sector and, with this transaction, will become the largest operator in Europe. The transaction – subject to the customary conditions precedent, including approval by the supervisory authority – is expected to close in the first half of 2018 with the transfer of the pledge credit business to a new finance company wholly owned by Dorotheum.
