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 email@example.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