Banca Farmafactoring S.p.A. completed the acquisition of IOS Finance EFC, S.A. from Deutsche Bank Aktiengesellschaft (DB:DBK) and three founders for 26.4 million.
IOS Finance EFC, S.A. has revenues of 7.1 million and an adjusted net profit of 3.2 million in 2018. The transaction is subject to non-opposition of Bank of Spain and notification to Bank of Italy. Under the bylaws of IOS Finance, any transfer of shares is subject to a right of first refusal (ROFR) in favour of each of the non-transferring shareholders. The signing of the shares' sale and purchase agreement (SPA), on the terms already agreed upon under the Agreement, remains subject to the expiry of a 30-day period. Closing is expected in third quarter of 2019. The transaction will result in an expected capital absorption in 2019 of maximum 17 million largely related to 10 million of goodwill and 5 million of one-off negative impact (post tax) assuming the harmonization of IOS Finance's LPI accounting standards to that of Banca Farmafactoring S.p.A's. Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as sole financial advisor whereas Uría Menéndez Abogados, S.L.P. and Studio Di Tanno e Associati acted as legal advisor and PricewaterhouseCoopers International Limited acted as accountant to Banca Farmafactoring S.p.A.
Banca Farmafactoring S.p.A. (BIT:BFF) completed the acquisition of IOS Finance EFC, S.A. from Deutsche Bank Aktiengesellschaft (DB:DBK) and three founders for 26.4 million on September 30, 2019.