ION Investment Group Updates
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Ion, one of Europe’s most available fintech groups, has stepped up its quest for Cerved with an increased offer valued at € 2.54 billion by Italian credit data and information provider.
Ion, registered by Dublin, run by Italian entrepreneur Andrea Pignataro from London, was turned down by Cerved in March with an initial bid of € 9.50 per share, which Cerved valued at € 2.4 billion, including debt.
Ion’s acquisition vehicle, Castor Bidco, increased its offer to € 10.20 per share on Friday, a figure that he said represents a premium of more than 50 percent compared to Cerved’s share price over the past 12 months.
Ion was creeps Cerved as the group in Milan said it was negotiating with private equity funds over the sale of its credit management division.
Cerved is the third largest collector of non-performing loans in Italy, an area that is expected to grow due to rising bad debts due to the pandemic. The deal would be a complement to Ion’s purchase of Italian banking software provider Cedacri, which Ion won at auction this year.
Privately owned Ion has become known as one of the most acquired enterprises in Europe as it has become a leading provider of trading software and a major player in financial data.
Ion and Pignataro have kept a low profile for most of the company’s 20-year history, but it has closed more than 20 businesses since 2005, including well-known brands in financial markets such as data providers Fidessa and Dealogic, news service Mergermarket and bond trading. place Broadway Technologies.
This year also includes Dash Financial Technologies, a US options technology company.
Cerved has appointed UBS in London – a regular adviser to Ion – as well as Mediobanca and Banca di Credito Finanziario as financial advisers on the approach.
The former Salomon Brothers dealer, Pignataro, tried to get a rich in financial data to compete with Bloomberg, FIS and Intercontinental Exchange, to take advantage of the fact that financial markets have become more international and electronic.
Pignataro’s debt acquisitions were typically followed by aggressive savings on private equity.
Castor Bidco said the tender period was extended to September 9 and the minimum threshold condition was increased from 50% plus one share to 80%.
Cerved’s share price rose 1% to € 10.05 on Friday morning after trading at € 7 just before Ion’s first offer in March. Cerved did not respond to a request for comment.
Ion said in March that the Italian antitrust authorities would not launch an in-depth investigation as a combination would not reduce competition in the local market.