Transaction completed. ION Group announces the closing of Prelios and completes the acquisition for €1.35 billion through X3 Group, a company controlled by ION, the investment holding company led by Andrea Pignataro. The announcement follows the binding agreement between Davidson Kempner Capital Management LP, a global investment management firm, and X3 Group, signed on 11 August 2023, and the subsequent authorisation by Golden Power in March 2024 and by the Bank of Italy in June 2024.
Unicredit, Intesa Sanpaolo and BNP Paribass led the consortium of banks, which also includes Banco BPM, Standard Chartered Bank and Mediobanca, which are financing X3 for the deal.
“The positive conclusion of this long journey is a great satisfaction and fills us with enthusiasm and responsibility. The acquisition by ION will allow Prelios to consolidate its leading role in the asset management and servicing sector. loans (UTP and NPL) and real estate assets, which help maintain the financial stability and quality of assets in the Italian financial and real estate market. The operation is part of a broader strategy aimed at improving asset management and decision-making efficiency. decision-making processes through the use of data. The credit servicing sector in Italy is going through a phase of significant consolidation, driven by the need to improve operational efficiency, exploit economies of scale and expand service capacity in a maturing market that demands new, more sophisticated and advanced service proposals. Thanks to ION, all this will be possible”, highlights the president of Prelios, Fabrizio Palenzona.
Founded in 1990 in Milan, Prelios is a leading Italian company in alternative asset management, services and specialised real estate services, with over €40 billion of assets under management, including non-performing loans, loans with low probability of repayment and real estate funds. The company’s consolidated results for 2023 highlight revenue growth to €321 million, up 4% from €309 million in 2022, and EBITDA of €146 million, up from €145 million in 2022. The ION-Prelios transaction is part of the ongoing consolidation process among servicers, driven by the need to improve operational efficiency, economies of scale and the expansion of service capabilities. Another key element is advanced data analytics and continuous workflow management, which are increasingly crucial in the financial sector. In addition, an increasingly technology-based approach with data convergence stands out to improve service efficiency and customer experience.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
