Latest news with #exit
Irish Times
a day ago
- Business
- Irish Times
NatWest to sell remaining 11.7% stake in PTSB
NatWest Group said on Monday it is selling its remaining 11.7 per cent stake in PTSB as it hastens its exit from Irish banking after its Ulster Bank unit handed back its licence at the end of last month. The UK banking group received an original 16.7 per cent stake in PTSB in late 2022 as part payment for Ulster Bank loans it sold to the Republic's third-largest remaining bank. It subsequently sold down part of the stake two years ago. Goldman Sachs and JP Morgan started selling the shares with institutional investors on behalf of NatWest after the end of trading in Dublin and London on Monday. The stake was worth about €130 million based on Monday's closing share price. READ MORE While the Irish Government has an agreement in place with NatWest that allows both to sell shares at the same time as the UK lender, Minister for Finance Paschal Donohoe has decided not to sell down taxpayers' 57 per cent interest at this time. 'Details of the placing price and the exact number of placing shares will be announced in due course,' NatWest said. Shares in PTSB have advanced 56 per cent over the past 12 months, amid relatively high interest rates, a robust domestic economy, and as investors expect the bank to secure approval from the Central Bank to lower the amount of expensive capital it must hold against its mortgage book. Every €100 of mortgages the bank issues has a so-called risk weighting of more than 40 per cent, against which it must hold more capital. The high risk-weighted assets (RWA) density is a result of the bank's experience of the arrears crisis following the financial crash, when as much as 28 per cent of its mortgages were non-performing. By contrast, the risk weighting on new Bank of Ireland and AIB mortgages is in the 20s, which means they can write new business more competitively. Ulster Bank Ireland returned its banking licence to the Central Bank at the end of June, after 165 years in the Republic. The company was renamed Ulydien DAC and will operate as a retail credit firm as it continues a 'phased and orderly' withdrawal of its operations. Ulster Bank received an effective £15 billion (€17.6 billion) bailout from British taxpayers during the financial crisis. The rescue bill equated to a third of the total UK government's £45 billion 2008 bailout of NatWest, back when the group was known as Royal Bank of Scotland.
Al Bawaba
4 days ago
- Business
- Al Bawaba
Investcorp raises a €240m single-asset continuation fund to support HWG Sababa in the next phase of growth
Investcorp, a leading global alternative investment firm, today announced the completion of the sale of a majority stake in leading Italian cybersecurity provider HWG Sababa S.r.l. (the 'Company')[1] by Investcorp Technology Partners Fund V ('ITP V') and certain other investors, to an oversubscribed €240m single-asset continuation fund managed by Investcorp (the 'Fund'). The sale, in which ITP V sold the entirety of its interest in the Company, marks the first exit by ITP V, an oversubscribed $570M fund managed by Investcorp and closed in 2024. The Fund, which closed in June 2025, is managed by Investcorp and is anchored by commitments from funds advised by Hayfin Capital Management ('Hayfin') and Coller Capital ('Coller'). The Fund includes participation from certain investors in ITP V, from Investcorp Technology Partners ('ITP') employees and from new investors, including Hayfin and Coller, among others. Members of the Company management team will continue to hold a significant stake in the Company, alongside the Fund. The transaction provided existing investors in ITP V with the opportunity to realize strong returns on their investment in the Company and gives the Fund and its investors the opportunity to back a high-performing asset with significant potential for further value creation. Having supported the Company since ITP V's investment in 2022, Investcorp, alongside the Fund, will continue to support and actively contribute to the Company in its next phase of growth, which includes further development of existing solutions, with a strong focus on Operational Technology, investment in technology & innovation and internationalization of the firm primarily in Europe and the Middle East, organically and through acquisitions. Founded in 2008 and headquartered in Verona, Italy, the Company is a leading independent provider of end-to-end cybersecurity solutions in Southern Europe, with strong expertise in security operations centre solutions for IT, IoT and OT environments. The Company serves mid-sized enterprises across sectors, including critical infrastructure, energy, finance, manufacturing and more. Since acquiring the business in 2022, ITP V collaborated with the Company's management team to drive growth organically and through acquisitions, growing revenue sixfold and completing four add-on acquisitions, including the acquisition of Sababa Security S.p.A. in 2023. Gilbert Kamieniecky, Head of Investcorp's European Private Equity business, said: 'The creation of a dedicated continuation fund for HWG Sababa highlights the Company's strong growth and our successful partnership with Enrico, Alessio, and the team. The strong demand for the fund reflects HWG Sababa's quality, and we're pleased to partner with Hayfin and Coller Capital to support its continued growth.' Yusef al Yusef, Global Head of Distribution at Investcorp, said: 'We are proud of the strong partnership we have built with Enrico and Alessio, confirmed by HWG Sababa's positioning as a leading cybersecurity solution provider in Southern Europe. We're excited to remain involved through the management of this continuation fund and to collaborate with Hayfin and Coller Capital as we support the next stage of the company's development.' Enrico Orlandi, Chairman of HWG Sababa added: 'We are very proud of the journey we've taken alongside ITP, whose support has been instrumental in helping us achieve our objectives. We believe this continuation fund is the right solution to fuel HWG Sababa's next phase of growth.' Alessio Aceti, CEO of HWG Sababa, added: 'This milestone reflects the shared commitment and hard work of our management team and the entire company, of whom we are immensely proud. We remain determined to strengthen our leadership in IT cybersecurity, OT, and SOC services—both in Italy and internationally.'
