December 31, 2018 / 12:00 PM / 20 days ago

doBank buys 85 pct of Altamira Asset Management, could rise to 100 pct

MILAN, Dec 31 (Reuters) - Italy’s top bad loan specialist doBank has agreed to buy 85 percent of Altamira Asset Management, valuing the entire company at 412 million euros ($472 million) in a bid to create a leading European credit manager.

With assets under management of around 55 billion euros and operations in Spain, Portugal, Cyprus and Greece, Altamira is expected to help doBank create a leading operator in credit management and real estate services for banks and investors in Europe, doBank said in a statement on Monday.

doBank’s stake in Altamira could rise to 100 percent if Spain’s Banco Santander, which holds the remaining 15 percent, exercises its tag-along rights provided for in an existing agreement before the closing of the deal, doBank added.

The acquisition, which is expected to be completed by May, envisages an earn-out of up to 48 million euros linked to the development of the business in international markets.

It will be financed with doBank’s liquidity and bank debt, the bad loan specialist said, adding the deal would positively impact earnings per share and dividends as early as next year. ($1 = 0.8735 euros) (Reporting by Giulio Piovaccari; editing by David Evans)

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