Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach
Davidson Kempner Capital Management to sell Prelios. (Credit: Constantin Wenning on Unsplash)
Davidson Kempner Capital Management LP (“Davidson Kempner”), a global investment management firm, announces the signing of a binding agreement with X3 Group (“X3”), a subsidiary of ION, for the sale of Prelios S.p.A. (“Prelios”).
Established in 1990 in Milan, Italy, Prelios is the Italian leader in alternative asset management, servicing and specialized property services with more than €40bn of assets under management across non-performing loans, unlikely-to-pay exposures and real estate funds.
Since investment funds advised by Davidson Kempner acquired the business in 2018, Prelios has been able to grow its revenue from €100m to over €300m while significantly improving profitability.
The completion of the transaction is subject to the authorization of the relevant authorities.
Goldman Sachs International acted as financial advisor and Linklaters LLP provided legal advice to Davidson Kempner.
Lazard acted as financing advisor to Prelios.
The law firm Russo De Rosa Associati acted as tax and legal advisors for the management.
UBS acted as financial advisor, Gattai, Minoli, Partners and Chiomenti provided legal advice, Facchini Rossi Michelutti provided tax advice to ION.
Unicredit, Intesa Sanpaolo and BNP Paribas led the consortium of banks, also including Banco BPM, Standard Chartered Bank and Mediobanca, that are providing financing to X3 for the transaction. BNP Paribas and Mediobanca acted as financial advisors to X3. Milbank provided legal advice for the financing to X3 and Latham & Watkins advised the lenders.
Source: Company Press Release