(Alliance News) - Eurizon Capital SGR, the asset management division of Intesa Sanpaolo Spa, announced Thursday that it has signed an agreement to take over 55 percent of Gruppo Zaffiro, an Italian company active in social and health care services.

The deal is expected to close during 2023, subject to obtaining approvals from the relevant authorities.

The current shareholders of Gruppo Zaffiro are Mittel with 60 percent and Blustone with 40 percent, the latter headed by the founder, Gabriele Ritossa.

The deal involves the Eurizon ITER funds' acquisition of a 55 percent majority stake in the Zaffiro Group. Gabriele Ritossa will increase his stake to 45 percent and retain leadership of the company.

"Eurizon's presence in the shareholding structure through the Eurizon ITER Funds will allow the group to further pursue the path already started by the group of strengthening existing structures and further growth in size through new development initiatives and acquisitions," Eurizon explained.

"The acquisition of a majority stake in Zaffiro Group represents for Eurizon ITER funds, in line with its asset allocation strategy, the entry-point into the healthcare sector. RSAs and, more generally, the silver economy and long term care segments, driven by the aging population trend and a structural supply deficit that characterizes our country, represent one of its main focuses."

Intesa Sanpaolo's stock is up 1.7 percent at EUR2.35 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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