ROME (Reuters) – Italy’s state-owned bad loan manager AMCO said on Monday that it will buy 80% of public credit management company Exacta Group from Eulero Capital and the Oreglia founding family.
The acquisition of Exacta – which manages the recovery of unpaid taxes on behalf of local public administrations – falls in line with AMCO’s strategic goal to find new initiatives in the public sector.
The deal will allow AMCO to acquire a high-level operating platform that does not overlap the company’s business but is consistent with its operations, a statement said.
The acquisition – the financial value of which was not disclosed – will be fully funded in cash, with no third party financing, and is expected to be finalised by June.
The remaining 20% of Exacta will be kept by the founders and managers, providing business continuity to the group.
(Reporting by Giulia Segreti; editing by David Evans)
