By Cecilia Butini

 

Poste Italiane SpA said Wednesday that it has entered into an agreement with Intesa Sanpaolo SpA for the acquisition of a 40% stake in Eurizon Capital Real Asset SGR, an asset management company owned by two Intesa subsidiaries.

The Italian company said the transaction, which is through its subsidiaries Poste Vita SpA and BancoPosta Fondi SGR, will result in the creation of a joint venture focused on the life business insurance sector.

Poste Vita will give Eurizon Capital Real Asset an investment mandate with a value set to about 2.5 billion euros ($2.94 billion), contributing to increase the asset management company's managed assets to more than EUR6.5 billion, it added.

Poste Italiane's stake in Eurizon Capital Real Asset will be through the subscription of a capital increase, the company said. Its 40% stake will include 24.5% with voting rights, it added.

The remaining stakes in Eurizon Capital Real Assets will be held by Intesa Sanpaolo Vita, which will own 40%, and by Eurizon, which will own 51%, Poste Italiane said.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

July 14, 2021 07:05 ET (11:05 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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