17 July, Bebeez
Cerberus and Banca Ifis made a joint offer to acquire a large part of the Italian NPL portfolio amounting to 6 billion euro in total put for sale by the investment banking division of Crédit Agricole. The news was announced by Bloomberg, clarifying that the offer concerns only 4.3 billion of the portfolio.
The NPL portfolio on sale (named Project Puppy or Poppy, depending on the sources) is composed of loans originated from four special vehicle companies under the Luxemburgish law. The loans are mostly unsecured, and they were issued on the Italian market to private and SME between 2006 and 2008.
The Cerberus-Banca Ifis team has been known since the beginning of April as one of the investors that made a non-binding offer to the advisor Kpmg, along with the British Arrow Global, the Swedish Hoist Finance, the American D.E. Shaw, and the Italian Spaxs.
According to Bloomberg, Cerberus and Ifis offered to buy 2.4 billion euro of the unsecured loans from the first three special purpose companies and 1.9 billion from the fourth company, named Elypso. Crédit Agricole is currently evaluating the offer to see whether or not giving the exclusive right to the team and launching another auction in September to sell the remainder of the credits.
Translator: Cristina Ambrosi