A consortium of Advent International, Bain Capital and Clessidra will acquire Instituto Centrale delle Banche Popolari Italiane (ICBPI) for €2.15 billion ($2.44 billion; £1.53 billion), according to a statement.
ICBPI's selling shareholders will retain an 8 percent stake in the company following the acquisition, the statement said. Advent and Bain Capital have collectively made more than 20 investments in ICBPI-relevant sectors, such as a payments solutions company Nets and card payment processing company Worldpay.
“We believe Advent and Bain Capital's deep sector experience, alongside Clessidra's local knowledge, provides an excellent combination of skills and expertise to successfully manage the transition in ICBPI's ownership,” Advent managing director Jeffrey Paduch said.
Headquartered in Milan, ICBPI provides payment services, interbank clearing and securities services. It generated €670 million in revenues and an EBITDA of €195 million last year.
Advent, founded in 1984 and held €27 billion in assets under management as of 31 December 2014. Bain Capital, founded in the same year, has about $80 billion in assets under management. Clessidra is a Milan-based private equity firm with €2.5 billion in assets under management.
This deal is subject to the European Central Bank approval and those of other authorities.
Rothschild, HSBC and Vitale & Associati were financial advisers to the consortium and Bonelli Erede Pappalardo, Studio Carbonetti, Carlo Pavesi and Weil, Gotshal & Manges acted as legal advisers.