Banca Ifis wants Illimity. A takeover bid launched for 100% of the capital

Banca Ifis has launched a voluntary public purchase and exchange offer on 100% of Illimity. The proposed price is equal to 3.55 euros for each Illimity share, consisting of 0.1 newly issued Banca Ifis shares for each Illimity share and a cash component equal to 1.414 euros. The takeover bid on the total share capital of Illimity has a total value of 298 million.

If the offer is successful, the operation – which involves the subsequent merger by incorporation of illimity Bank into Banca Ifis – could allow the Banca Ifis group “to accelerate its growth path and consolidate its leadership in the Italian specialty finance marketexpanding the base of SME customers, entering new businesses and new segments and continuing the leadership in NPLs”. The business combination will express a greater industrial value than the two separate entities, following the cost and revenue synergies that the two groups post-merger will generate, in addition to economies of scale, continues the offeror’s note which adds: “The operation will be able to count on a strategic, sustainable and long-term industrial vision, and on stable governance guaranteed by the reference shareholder, There Cliff which, despite falling below the 50% threshold for the first time, intends to maintain control of the group.

“The operation will create value for all its stakeholders – shareholders, customers, employees, the Italian banking system and the territories in which it operates – with significant benefits from an industrial, financial and sustainability perspective”, adds the note. At a financial level, the operation will bring various benefits starting from the overall synergies estimated at around 75 million euros per year, before taxes, while at the end of the merger the estimated pro-forma Cet1 ratio is expected to be over 14%. . The integration costs functional to the development of synergies are estimated overall at approximately 110 million euros and will be incurred during 2025.

Banca Ifis has called the extraordinary shareholders’ meeting in single call for next April 17th with on the agenda the proposal to attribute to the board of directors a capital increase, to be exercised by 30 June 2026, with the issue of a maximum of 8,406,781 ordinary shares. The meeting will take place exclusively through the designated representative.