Fortress Investment Group/Prelios €500 million acquisition of UCCMB

Overview:

• Investment managers Fortress Investment Group and Prelios have acquired UniCredit Credit Management Bank (UCCMB) for €500 million and a €2.4 billion portfolio of NPLs from UniCredit.
• In addition the transaction includes a 10-year servicing contract on all of UniCredit's NPLs with balances below €1 million.
• The sale of UCCMB is part of UniCredit's wider strategy to sell bad debt and strengthen its balance sheet.
• UniCredit was advised by UBS, the acquirers were advised by Mediobanca and Rothschild.

Sam Duke - Editor