illimity Bank S.p.A. (BIT:ILTY) entered into an agreement to acquire Aurora Recovery Capital Spa from Finance Roma S.P.A., Gwm Group Holding S.a. and Oxalis Holding S.à r.l. for €40 million on May 11, 2022. Under the terms of transaction, illimity Bank will issue 2,769,230 new ordinary shares at €13 per share for a 90% stake in Aurora Recovery Capital for €36 million where as the remaining 10% stake for €4 million will be paid in cash. In 2021, Auror Recovery Capital had an EBITDA €3.1 million.

Post acquisition, Aurora Recovery Capital will be integrated with neprix, the wholly owned subsidiary of illimity Bank. The current shareholders of Aurora Recovery Capital will hold approximately 3.4% of illimity's ordinary share capital. Marco Sion Raccah, the current General Manager of Aurora Recovery Capital will become the General Manager of the new company after integration along with Aurora's top management and staff.

The deal is subject to approval by Supervisory Authority and approval by illimity's shareholders. The deal is expected to close by the end of year. As of June 30, 2022, illimity Bank S.p.A. completed acquisition of 10% stake of Aurora Recovery Capital Spa.

EY Advisory SpA acted as financial advisor and due diligence provider and Gatti Pavesi Bianchi Studio Legale Associato and Morpurgo e Associati acted legal advisors to illimity Bank where as Studio Legale Cappelli RCCD acted as legal advisor and PricewaterhouseCoopers Advisory SpA acted as an accountant to Aurora Recovery Capital. Allen & Overy Milan acted as legal advisor to Oxalis Holding S.à r.l. in the transaction.