Global investment manager Davidson Kempner has agreed to sell Italian credit manager Prelios to X3 Group, a subsidiary of technology and media group Ion Group.
The value of the deal was not revealed, but Davidson Kempner was seeking around €1.3 bn.
A consortium of banks led by UniCredit, Intesa Sanpaolo, and BNP Paribas financed X3 as part of the transaction. The consortium also included Banco BPM, Standard Chartered Bank, and Mediobanca.
Milan-based Prelios is active in alternative asset management, servicing, and specialized real estate services in Italy. It has €40 bn in assets under management, including non-performing loans, unlikely-to-pay exposures, and real estate funds.
Since its acquisition by investment funds advised by Davidson Kempner in 2018, Prelios has grown turnover from €100 mln to €300 mln, while increasing profitability.
Goldman Sachs International acted as financial advisor and Linklaters acted as legal advisor to Davidson Kempner, while Lazard acted as financial advisor to Prelios. The Russo De Rosa Associati law firm acted as tax and legal advisor for the management.
UBS acted as financial advisor, Gattai, Minoli, Partners, and Chiomenti as legal advisors, while Facchini Rossi Michelutti provided tax advice to Ion.
BNP Paribas and Mediobanca acted as financial advisors to X3. Milbank acted as legal counsel to X3 for the financing, while Latham & Watkins advised the lenders.
