Engineering and Intesa Sanpaolo have executed the agreement for the sale of 100% of the share capital of Infogroup held by the banking group.
The transaction, announced on 27 July 2017, was subject only to the customary regulatory authorizations from the competent authorities.
The agreement includes, among other things, the establishment of a commercial agreement between Infogroup and the Intesa Sanpaolo Group, and maintaining employment levels.
Infogroup, which has overall revenues of around 70 million Euro, has locations in Florence and Moncalieri. The company’s core business - equal to around 70% of production value - consists of IT services for the financial industry, which make up the majority of revenues, petrol, mass retail, ICT and Public Administration. Infogroup serves companies within the Intesa Sanpaolo Group by providing transaction banking services, corporate customer assistance, competence center, management services and solutions, bankassurance, compliance and document management.
The non-captive revenues, which cover the remaining 30% of production value is distributed mainly among services for banks and insurance companies, loyalty/e-commerce and financial type information services.
Intesa Sanpaolo was assisted in the transaction by EY and by the law firm Pedersoli Studio Legale.