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UniCredit has signed a binding agreement with Dorotheum for the disposal of its Italian pawncredit business

UniCredit announced that it has signed a binding agreement with Dorotheum for the disposal of its Italian pawncredit business. Dorotheum has been Austria's leading pawncredit service provider and auction house for more than 310 years that, with this step, will become the largest operator in Europe.

The transaction envisages a consideration of €141 million to be paid by Dorotheum at closing and a potential earn-out in favor of UniCredit of up to €10 million to be paid after three years.
The transaction, in 2018, will generate a positive impact for UniCredit of about €100 million in the consolidated Profit & Loss Account and of almost 4 bps on the consolidated CET1 ratio.

The transaction is expected to be completed in the first half of 2018, via the contribution of the pawncredit business to a newly set up financial company that will be wholly owned by Dorotheum. The transaction is subject to the customary closing conditions and regulatory approvals.

Dorotheum intends to expand the business throughout Italy, leveraging on its pan-European expertise, the skills of the existing employees and further strengthening of the platform.

UniCredit Corporate & Investment Banking and PwC Advisory were the financial advisors, while Gianni, Origoni, Grippo, Cappelli & Partners acted as legal advisor.

Dorotheum's financial advisor was KPMG Corporate Finance, Studio Santa Maria the legal advisor while KPMG Transaction Services performed business, financial and tax due diligence.



Milan, November 30, 2017






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