(Alliance News) - Banco Di Desio e della Brianza Spa announced Wednesday that it has signed with the shareholders of Dynamica Retail Spa, a company active in the provision of loans to private customers secured by salary-backed loans, a sale and purchase agreement and an investment agreement concerning Banco Desio's entry into Dynamica's share capital through the purchase of a majority stake and the subscription of a capital increase reserved for Banco Desio.

Upon completion of the transaction, Banco Desio will hold a stake of no less than 80% of the company's share capital, while the remaining stake will be held by the current management, which will continue to contribute to the company's growth within the Banco Desio Group.

The purchase and sale of the Dynamica shares, representing 57% of the relevant share capital, will take place against payment of a preliminary consideration of approximately EUR1.2 million - subject to adjustment based on Dynamica's results as of December 31 -, while the capital increase reserved for Banco Desio will amount to approximately EUR6-7 million - the final amount will be determined based on Dynamica's results as of December 31 as well as the maintenance of the regulatory ratios.

Payment of the consideration will be made entirely in cash through equity, and the transaction is expected to close by the first half of 2024.

The binding agreements also provide for a purchase option in favor of Banco Desio to be exercised as of the approval of the financial statements for the year ending December 31, 2025, concerning the remaining shares held by Dynamica's managing partners, the purchase price of which will be determined on the basis of Dynamica's results and shared business objectives.

Banco Di Desio e della Brianza trades in the red by 1.0 percent at EUR3.84 per share.

By Claudia Cavaliere, Alliance News reporter

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