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    PST   IT0003796171


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Poste Italiane to Acquire 40% of Intesa Asset Management Company

07/14/2021 | 05:05am EDT

By Cecilia Butini

Poste Italiane SpA said Wednesday that it has entered into an agreement with Intesa Sanpaolo SpA for the acquisition of a 40% stake in Eurizon Capital Real Asset SGR, an asset management company owned by two Intesa subsidiaries.

The Italian company said the transaction, which is through its subsidiaries Poste Vita SpA and BancoPosta Fondi SGR, will result in the creation of a joint venture focused on the life business insurance sector.

Poste Vita will give Eurizon Capital Real Asset an investment mandate with a value set to about 2.5 billion euros ($2.94 billion), contributing to increase the asset management company's managed assets to more than EUR6.5 billion, it added.

Poste Italiane's stake in Eurizon Capital Real Asset will be through the subscription of a capital increase, the company said. Its 40% stake will include 24.5% with voting rights, it added.

Eurizon will hold a minority 20% stake in Eurizon Capital Real Asset SGR, after Poste Italiane acquires a 40% stake in the asset-management company.

Write to Cecilia Butini at cecilia.butini@wsj.com

Corrections & Amplifications

This article was corrected at 1316 GMT because the original incorrectly said that Eurizon will own 51% of Eurizon Capital Real Asset after the deal concludes. Eurizon will hold a minority 20% stake in Eurizon Capital Real Asset SGR, after Poste Italiane acquires a 40% stake in the asset-management company.

(END) Dow Jones Newswires

07-14-21 0705ET

Stocks mentioned in the article
ChangeLast1st jan.
INTESA SANPAOLO S.P.A. -1.15% 2.453 Delayed Quote.29.74%
POSTE ITALIANE S.P.A. -0.87% 12.565 Delayed Quote.52.34%
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Net income 2021 1 514 M 1 756 M 1 756 M
Net Debt 2021 104 B 121 B 121 B
P/E ratio 2021 11,3x
Yield 2021 4,51%
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EV / Sales 2021 10,7x
EV / Sales 2022 9,38x
Nbr of Employees 122 315
Free-Float 34,9%
Duration : Period :
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