UniCredit Plans to Double Stake in Greek Bank Alpha Services to Around 20%
UniCredit UCG 1.96%increase; green up pointing triangle said it would double its stake in Greece's Alpha Services to around 20% after entering into agreements with investment banks for financial instruments representing nearly 10% of the company.
The Italian bank said Wednesday that it has entered into financial contracts for an around 9.7% stake in Alpha at a share price discount to previous closing prices. UniCredit did not disclose the price paid for the instruments.
Alphavalue shares closed at 2.79 euros yesterday and currently trade up 3.5% at 2.89 euros.
UniCredit's stake will increase to around 20%, from a current holding of 9.6% once regulatory approval is granted, it said.
The transaction will generate an additional net profit of around 180 million euros ($203.9 million) per year which it intends to return to shareholders in line with its distribution policy, it said. It will have an around 40 basis point impact on UniCredit CET1 ratio–a measure of a bank's resilience.
The deal is expected to complete by the end of 2025, UniCredit said.
Write to Adam Whittaker at adam.whittaker@wsj.com
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