Advent International/Bain Capital/Clessidra €2.15 billion acquisition of ICBPI

Overview:

• Advent International, Bain Capital and Clessidra have acquired Istituto Centrale delle Banche Popolari Italiane (ICBPI) for €2.15 billion.
• ICBPI is a Milan based financial services provider which provides payment services, interbank clearing and securities services.
• Credito Valtellinese, Banco Popolare, Banca Popolare di Vicenza, Veneto Banca, Banca popolare dell'Emilia Romagna, Iccrea Holding, Banca Popolare di Cividale, UBI Banca, Banca Popolare di Milano, Banca Sella Holding and Banca Carige all sold their stakes in the company.
• Rothschild, HSBC and Vitale & Associati acted as financial advisors to the acquirers.
• The deal was financed through the issue of a high yield bond.
• Franco Bernabè, Boston Consulting Group, First Annapolis and PriceWaterhouseCoopers acted as strategic advisors.

Sam Duke - Editor