Bain Capital, Advent International and Clessidra who won exclusive talks last week with shareholders of Italy’s payment services bank Istituto Centrale delle Banche Popolari (Icbpi) are thinking about issuing a bond of about 1 billion euros size in order to partly finance Icbpi’s buyout, Ifr wrote yesterday
Goldman Sachs is well positioned to lead the deal, although the bank list has not been finalised yet (see Reuters here).
Head of Clessidra Claudio Sposito said last week that he expects to sign the deal to buy Icbpi on June 19, and that an ipowithin three to four years is an option.
Advnet, Bain and Clessidra won the exclusive talks thanks to a double option bid (see here a previous post by BeBeez). The first bid values Icbpi 2,15 billion euros with 1 billion euros of leverage while the second bid values Icbpi just 2 billions, but leverage would be just about 300 millions and the bid woul include acquisition of minorities for 75 millions.
Competitors CVC-Permira offered just 50 millions for the minorities and valued the group 2.05 billion euro with a 15% leverage.
The final go-ahead to the deal will anyway come from the Bank of Italy, as both the target company and its actual shareholders are banks.
At the moment Icbpi’s shareholders are: Credito Valtellinese (20.39%), Banco Popolare (9.62% and 5.76% through Holding di Partecipazioni Finanziarie), Bper (8.69%), Popolare Vicenza (9.99%), Veneto Banca (9.99%), Iccrea (7.92%), Popolare Cividale (5.14%), Banca Popolare di Milano (5%) e Ubi Banca (5.14%).