C.€802m BPER Banca rights issue - Mediobanca acted as sole Global Coordinator and Joint Bookrunner

BPER approved the execution of an agreement with Intesa Sanpaolo.

On February 17, 2020 BPER BoD approved the execution of an agreement with Intesa Sanpaolo to purchase a going concern from the Group, subject to the completion of the voluntary public exchange offer launched by Intesa on the entire share capital of UBI Banca and a rights issue of up to a maximum amount equal to €1.0 billion to fund the acquisition, which was fully pre-underwritten by Mediobanca.

The agreement was lastly amended on 5th August and defined the acquisition perimeter of the going concern consisting of 532 bank branches of the Intesa Sanpaolo Group, mainly located in Northern Italy, and related assets, liabilities and legal relationships.

On September 30, BPER BoD fixed the final terms and conditions for the Rights Issue:

  • 891.40m new shares with an issue price of €0.90 each to be offered, on a pre-emptive right basis, to eligible shareholders at a ratio of 8 new shares for every 5 rights held
  • the discount to TERP amounted to 30.97%.

The offering period started on October 5 and lasted until October 23; while the rights trading period started on October 5 and lasted until October 19. At the end of the offering period the take-up rate reached c.99.21%. All the unsubscribed rights were sold during the first day of auction and after that the rights issue was successfully completed with a final take-up of 100%.

BPER main shareholders, Unipol Group and Fondazione Banco di Sardegna, confirmed their full support for the transaction and subscribed their portion of the capital increase.

The capital increase was fully underwritten by the Banks’ Syndicate, which accounted 12 international banks and financial institutions amid senior and junior roles.

Mediobanca led the consortium acting as Sole Global Coordinator and played a central role throughout the whole process, confirming our solid ECM track record and privileged position in the Italian FIG space.

This represents the 33rd FIG Rights Issue and the 3rd role with BPER over the last 10 years, thus confirming Mediobanca leadership in the field and our strong business relationship with BPER Banca and its shareholders.

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