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Fondo Strategico Italiano (FSI) signed a binding agreement to purchase 42.3% of SIA Spa (SIA) for an investment of approximately € 204 million, in addition to € 77 million in debt financing
FSI signed the binding contract in partnership with F2i SGR e Orizzonte SGR, which will purchase 10.3% and 6.7% of SIA, respectively. The consortium will acquire a total of 59.3% of SIA from Intesa San Paolo, Unicredit, Monte dei Paschi di Siena and Banca Nazionale del Lavoro. Banca Intesa e Unicredit will remain as shareholders of the company with a total 8% interest, while Monte dei Paschi di Siena and Banca Nazionale del Lavoro, whose interests will be purchased by F2i, will exit the capital of SIA.
The transaction values 100% of SIA equity at € 765 million, corresponding to approximately 8 times 2013 expected normalized EBITDA.
Closing of the transaction is subject to clearance from the Bank of Italy and antitrust authorities.
Founded in 1977 by the Bank of Italy, SIA is the European leader in the design and management of technology infrastructures and services for financial institutions, central banks, public administrations and businesses in the areas of payments, e-money, network services and capital markets.
SIA manages approximately 69 million payment cards and processes approximately 30 billion payments and capital markets transactions per year. The company operates several critical services for financial institutions, central banks and the public administration.
In 2012 SIA reported revenues of approx. € 350 million and EBITDA of approx. € 90 million. The group employs roughly 1,500 people, almost entirely in Italy, in addition to generating significant business for technological providers and software developers.
“SIA has a key role for the financial system” - commented Giovanni Gorno Tempini, FSI Chairman – with excellent technology and profitability levels, which position it among sector leaders”.
“FSI has invested in SIA – added Maurizio Tamagnini, FSI CEO – with the aim of accelerating penetration of e-payments, increasing digitalization of the Public Administration and strengthening the partnership with Monte Titoli and Borsa italiana”.
By their investment, FSI, F2i and Orizzonte aim at further strengthening the SIA competitive position, through:
Thanks to the FSI, F2i and Orizzonte investment, SIA will continue to develop research in Italy and will progress in its growth pattern, establishing as an independent player for a future successful listing on the stock exchange.
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