Allen & Overy has advised Oxalis Holding S.à r.l on the agreement for the purchase by illimity Bank of Aurora Recovery Capital S.p.A. (AREC).
AREC is currently owned by three institutional investors: Finance Roma S.p.A., GWM and Oxalis Holding S.à r.l. and specialises in managing Unlikely to Pay (UTP) loans with a focus on the corporate real estate segment.
illimity will acquire 100% of the share capital of a newly established company (“NewCo”), which will fall wholly within Arec business perimeter.
The transaction, valued at EUR40 million, will be settled as follows: (i) purchase by illimity of 90% of NewCo shares, as payment for a share capital increase by illimity, reserved to Arec, and (ii) purchase of the remaining 10% of the shares of NewCo, to be paid in cash.
The completion of the transaction, which is expected to occur by the end of 2022, is subject to the prior authorisation of the Supervisory Authority and approval by illimity’s Shareholders’ Meeting.
Allen & Overy advised with a team led by partner Paolo Nastasi, with senior associate Chiara De Luca and associate Marta Avara. Partner Stefano Sennhauser and associate Martina Gullino advised on the banking aspects.
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