22 July 2018
Visit www.avoka.com

Poste Italiane takes indirect stake in SIA

19 September 2016  |  3181 views  |  0 Source: SIA

Following the resolutions by the Board of Directors of Cassa Depositi e Prestiti SpA (CDP) and the Board of Directors of Poste Italiane SpA (Poste Italiane) the agreement regarding the transfer of shares held by FSI Investimenti SpA (CDP Group) in SIA SpA (SIA) - a leader in the monetics, payment and networks services business - to Poste Italiane was finalized.

In particular, the transaction envisages that Poste Italiane - through an overall investment of € 278 million - will purchase a 30% stake of FSIA Investimenti, a company that holds 49.5% of SIA, fully owned by FSI Investimenti, which in turn is controlled by CDP Equity through a 77% stake.

Upon completion of this transaction, Poste Italiane will indirectly hold a 14.85% share of the equity of SIA. FSI Investimenti instead will indirectly maintain a 34.63% stake of the company. The transfer is based on an equity value of SIA of 2 billion euros.

Fabio Gallia Cassa depositi e prestiti Group Chief Executive Officer made the following statement: "This agreement is a concrete step for the development of an industrial and strategic partnership between Poste and SIA. It will create value for both companies in line with their respective business plans and will continue the growth process SIA has undertaken in recent years. Due to this deal, Cdp Group will optimize the investment it made in SIA in 2014 and contribute to the development of a strategic infrastructure for the country, while maintaining the role of stable shareholder. This transaction reaffirms the strategic value of the relationship between Cdp and Poste Group ".

Francesco Caio, CEO and Director General of Poste Italiane made the following statement: “The acquisition of a stake in SIA is consistent with the priorities laid down in our Business Plan and will speed up our growth in the digitization of payments and transactions sector, which is part of our core business together with postal and logistics services, insurance policies and asset management. Over the years SIA has given evidence of its ability to innovate in Italy and to grow on the international market. With this transaction the Group continues with the implementation of the Plan it presented to the markets and offers evidence of how dynamic it is both in organic growth and in acquisitions”.

The Board of Directors of CDP Equity and of FSI Investimenti respectively held their meetings and approved the transaction which is expected to be completed by the end of 2016, subject to approval by the relevant antitrust authorities and by the Bank of Italy.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit iliad-solutions.com/Visit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13580 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11249 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10116 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7455 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7274 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job