ITALY - Clessidra acquires MPS asset management subsidiaries

The two subsidiaries, Monte dei Paschi Asset Management and AAA Sgr, have around EUR 23bn of assets under management and are collectively valued at approximately EUR 570m, according to MPS. The deal will result in a EUR 200m capital gain for the bank.

The two divisions will be transferred into a newco in which Clessidra holds a 67% stake, with the balance of the equity being retained by MPS. It is thought that Clessidra may sell down a portion of its interest to a trade buyer at a later date,

This transaction represents the first investment for Clessidra's new fund, Clessidra Capital Partners II.

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• Topics
• Buyouts
• Southern Europe