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Intesa Sanpaolo, Intrum has submitted its binding offer for 51% of the platform and the 10.8 billion NPL portfolio

17 April, Reuters

Intrum Justitia has submitted its binding offer to Intesa Sanpaolo for the creation of a servicer for the NPLs in Italy.

Intesa has then confirmed in a memo to have received the offer and that will it will be examined by the Board of Directors. The capital gain for Intesa would be around 400 million euro.

According to the offer, Intrum is meant to control 51% of the joint venture servicer, and it will have a 10 -years exclusive agreement with Intesa for most of the NPLs issued by the banks.

Moreover, Intrum will acquire together with a co-investor 51% of the NPL portfolio for a gross book value equal to 10.8 billion euro from Intesa Sanpaolo. The offer corresponds to a total evaluation of 3.6 billion concerning the platform (500 million) and the NPLs (3.1).

Intrum is supposed to pay 156 million by the end of April and the remainder at the closing expected by the end of the year.

According to several sources, the agreement on the NPLs might be very close.

Source: Reuters

Translator: Cristina Ambrosi