Italy’s FSI buys stake in SIA

Fondo Strategico Italiano (FSI) has acquired 42.3% of SIA, a provider of technology and infrastructure services for financial institutions, central banks and public administration in Italy and Europe.

Fondo Strategico Italiano (FSI) signed a binding contract to purchase 42.3% of SIA Spa (SIA) for a total of some €204m, in addition to €77m 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 and Unicredit will remain 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 for 100% of SIA equity at €765m, corresponding to approximately eight times 2013 expected normalized EBITDA.

The conclusion of the transaction is subject to clearance from Bank of Italy and antitrust authority.

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