BPER Banca S.p.A. completed the acquisition of remaining 49% in Banco di Sardegna S.p.A. from Fondazione Di Sardegna.
The transaction is subject to i) the obtainment by BPER Banca and FdS of the prescribed regulatory authorizations, ii) to the delegation by BPER Banca's Extraordinary Shareholders' meeting to BPER Banca's Board of Directors of the power to increase the share capital increase with exclusion of preemptive rights reserved to the contribution, as well as to issue the subordinated bond (AT1) and to increase the share capital reserved to the potential AT1 conversion, as well as to the performance of further corporate obligations required by applicable law. As of February 7, 2019, the transaction was approved by the board of BPER. A committee of independent directors was formed with respect to the transaction. The transaction is expected to be completed by the third quarter of 2019.
Barclays acted as an independent expert for committee of independent directors of BPER Banca, expressing a positive opinion with reference to the fairness of the terms of the transaction. Gianni, Origoni, Grippo, Cappelli & Partners acted as legal advisor for committee of independent directors of BPER Banca. KPMG Corporate Finance and Equita SIM S.p.A. acted as financial advisors for BPER and Legance Avvocati Associati and Studio Legale RCCD acted as legal advisor for BPER. In relation to the structuring of the AT1, BPER Banca was assisted by Citi as Structuring Adviser and by RCCD for the legal aspects.
BPER Banca S.p.A. (BIT:BPE) completed the acquisition of remaining 49% in Banco di Sardegna S.p.A. (BIT:BSRP) from Fondazione Di Sardegna (FdS) on July 25, 2019.