After receiving the necessary approvals, UniCredit, Intesa Sanpaolo, Banca Monte dei Paschi di Siena e BNL have closed today the sale of 59.3% of SIA's share capital, of which 28.9% held by Intesa Sanpaolo Group, 20.1% by UniCredit, 5.8% by Banca Monte dei Paschi di Siena and 4.5% by BNL, to Fondo Strategico Italiano, F2i SGR and Orizzonte SGR.
The consideration has been determined on the basis of an equity value for the 100% of the share capital of SIA equal to c. Euro765 million, of which c. Euro 100 million paid as dividends before closing.
As a result of the transaction, the acquirors will have the following shareholdings in SIA: Fondo Strategico Italiano 42.3%, F2i SGR 10.3%, Orizzonte SGR 6.7%. Intesa Sanpaolo and UniCredit will retain a 4% stake each, while Banca Monte dei Paschi di Siena and BNL will sell their shares in full and the other existing shareholders will retain the remainder 32.7% of SIA's share capital.
The overall net impact of the shareholding in SIA on UniCredit's consolidated income statement at the transaction date is c Euro 140 million, of which c Euro 12 million booked in the first quarter of 2014 as a result of the application of the equity method.
Milan, 28 May 2014