Bank of Italy Clears ION’s Prelios Deal Paving Way for Purchase

The Bank of Italy approved ION Group’s purchase of Prelios SpA, clearing the last hurdle to the acquisition of the Italian asset manager by tycoon Andrea Pignataro.

Bloomberg
First Published14 Jun 2024, 11:37 PM IST
Bank of Italy Clears ION’s Prelios Deal Paving Way for Purchase
Bank of Italy Clears ION’s Prelios Deal Paving Way for Purchase

(Bloomberg) -- The Bank of Italy approved ION Group’s purchase of Prelios SpA, clearing the last hurdle to the acquisition of the Italian asset manager by tycoon Andrea Pignataro.

Following an in-depth review including an analysis of the conglomerate’s capital and financial position in order to assess its capitalization, liquidity and debt level, the central bank decided to give its greenlight to the transactions, people familiar with the matter said, without giving additional details. 

A spokesman for Ion, declined to comment. A Bank of Italy spokeswoman declined to comment. The central bank approval was earlier reported by Reuters. 

Pignataro’s planned takeover of Prelios has attracted heightened scrutiny from authorities due to the central role ION has carved out for itself in the country’s financial industry. 

The Italian government earlier this year allowed ION to go ahead with the acquisition setting some conditions, according to people familiar with the matter. Prime Minister Giorgia Meloni’s cabinet decided not to use its veto powers on the €1.35 billion ($1.4 billion) acquisition provided ION keeps the government updated on its merger and financing plans, the people said.

Bloomberg LP, the parent company of Bloomberg News, competes with ION in providing financial software and data. 

ION, a global financial services conglomerate founded by Pignataro, has made a string of investments in Italy including the acquisition of financial services company Cerved Group SpA and the purchase of a stake in Banca Monte dei Paschi di Siena SpA. 

ION agreed to purchase servicing firm Prelios from Davidson Kempner Capital Management LP in August. The structure envisaged for its latest purchase resembles the playbook ION used for previous acquisitions. 

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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First Published:14 Jun 2024, 11:37 PM IST
HomeCompaniesNewsBank of Italy Clears ION’s Prelios Deal Paving Way for Purchase

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