Pamplona increases stake in UniCredit Group to 5%

The investment, worth around €750m, was sourced from Pamplona's Global Financial Institutions Fund with medium-term debt financing provided by Deutsche Bank's London branch. The financing vehicle includes put and call options over 290 million UniCredit shares that guarantee a minimum value of the shares. 

The transaction makes the London-based asset manager the second largest investor in the group after Abu Dhabi fund Aabar, which holds 6.5%. The UniCredit investment, including the 1.99% initial holding, is the first investment for Pamplona's Global Financial Institutions Fund.

Pamplona is joining asset manager BlackRock, which holds 3.1% of the group. The UniCredit Group includes UniCredit Banca, the largest lender in Italy, Bank Austria, the second largest bank in Austria, and Hypovereinsbank, the seventh largest bank in Germany.

UniCredit's shares opened at €2.438 on the Italian stock exchange in Milan this morning. Over the last year to date, the group's share value has dropped by 72.73%.

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• Topics
• Southern Europe
• Financials
• PIPEs
• Italy
• UniCredit
• Pamplona Capital Management
• Deutsche Bank