JOINT PRESS RELEASE FROM THE SELLING SHAREHOLDERS BANKS
SIGNED AN AGREEMENT FOR THE SALE OF THE CONTROL IN CEDACRI TO ION FOR AN ENTERPRISE VALUE OF EURO 1,500,000,000
MILAN 5th March 2021: Today the Shareholders of Cedacri - FSI (27.1%), Banca Mediolanum (15.6%), Cassa di Risparmio di Asti (11.1%), Banco di Desio e della Brianza (10.1%), BPER Banca (7.5%), Banca Popolare di Bari (6.6%), Cassa di Risparmio di Bolzano (6.5%), Banca del Piemonte (4.2%), Credito Emiliano (3.9%), Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d'Italia (2.0%), Società Reale Mutua di Assicurazioni (1.3%), Banca del Fucino (1.1%), Banca Valsabbina (1.1%), Cassa di Risparmio di Cento (1.0%), Cassa di Risparmio di Volterra (1.0%) - have signed a binding agreement for the sale to ION of their respective equity stakes in Cedacri, the leading Italian operator in the IT outsourcing market for banks and financial institutions.
The Enterprise Value of Euro 1,500,000,000 includes a net financial debt and other liabilities of around Euro 320,000,000.
The completion of the transaction is subject to the fulfilment of certain condition precedents and is therefore expected by the third quarter of 2021.
In the deal, the selling shareholders have been assisted by Deutsche Bank as financial advisor, Pedersoli Studio Legale as legal advisors, Prometeia as industrial advisor. Cedacri has been assisted by Gianni & Origoni and Bonelli Erede as legal advisors, Boston Consulting Group as industrial advisor, Deloitte for the financial due diligence, Studio Legale Tributario FRM as tax advisor for contract matters and due diligence.