Bper announces public exchange offer for Banca Popolare di Sondrio
Deal News | Feb 07, 2025 | Finance Community IT - 1 Corporate M&A
Bper Banca has announced a public exchange offer (OPS) for Banca Popolare di Sondrio. Announced late yesterday, the offer is contingent on regulations and aims to acquire more than 50% of capital, though Bper is willing to settle for a stake beyond 35% if necessary. The offer entails issuing 1.45 new shares of Bper for each share of the targeted bank, valuing the transaction at €4.32 billion with a 6.6% premium for Sondrio's shareholders. Financial advisory was led by firms like Mediobanca, Goldman Sachs, and Barclays. Furthermore, Bper released its anticipated 2024 financial results, reporting a net profit of €1.4 billion, marking a 4.1% growth. An assembly on April 18 will discuss the capital increase, preceded by required regulatory approvals.
Sectors
- Banking
- Corporate Finance
- M&A
Geography
- Italy – Both Bper Banca and Banca Popolare di Sondrio are Italian banks, with significant operations within the country.
Industry
- Banking – Involves the operations of Bper Banca and Banca Popolare di Sondrio within the financial services sector, focusing on acquisitions and strategic mergers.
- Corporate Finance – Involves financial advisory services provided by institutions like Mediobanca, Goldman Sachs, and Barclays to facilitate the transaction.
- M&A – Reflects the strategic move by Bper Banca to acquire a majority stake in Banca Popolare di Sondrio.
Financials
- €4.32 billion – The total value of the OPS if fully subscribed, based on Bper's offer terms.
- €1.4 billion – Bper Banca's consolidated net profit for the anticipated 2024, showing a 4.1% increase.
- 6.6% – The premium offered to Banca Popolare di Sondrio's shareholders over its market price.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bper Banca | Bidding Company | Company | An Italian banking group launching an OPS for Banca Popolare di Sondrio. |
| Banca Popolare di Sondrio | Target Company | Company | An Italian bank targeted by Bper for acquisition through a public exchange offer. |
| Mediobanca | Financial Advisor | Company | Provided financial advisory services for Bper Banca's OPS. |
| Goldman Sachs Bank Europe SE, Succursale Italia | Financial Advisor | Company | Served as a financial advisor for Bper Banca in the acquisition. |
| Barclays Bank Ireland PLC | Financial Advisor | Company | One of the financial advisors assisting Bper Banca with the acquisition. |
| Equita SIM | Intermediary | Company | Handled the coordination of subscription collection for the OPS. |
| Gianni Franco Papa | Leader | Person | The leader of Bper Banca overseeing the strategic move. |