Axactor AB (publ.) (Axactor) recently acquired CS Union in Italy. CS Union is a leading independent debt purchase/debt collection company with 1 billion Euros under management. Banca Sistema will continue as a 10% shareholder of the new entity and will provide attractive financing as part of the strategic partnership. The partnership also includes board representation and joint market development in Italy, based on a 3-years Shareholders’ agreement.
Axactor will pay 9.9 million Euros for 90% of the shares in CS Union of which 60% will be settled in cash and 40% in Axactor shares. 75% of the shares will be subject to a 24-months lock-up period while the remaining 25% will have a 12-months lock-up period. Banca Sistema will realize a capital gain from the stake sold to Axactor of c. 2.3 million Euros before taxes.
In this deal Axactor AB was advised by PwC Legal, with lawyers Stefanin Giovanni and Pietro Orzalesi. The selling shareholders, Dryads Srl, Maria Teresa Paciulli and Stefano Ingush, were advised by Tosetto Weigmann e Associati, with lawyers Fabio Alberto Regoli and Fabrizio Grasso. Lawyer Marco Pompeo acted on behalf of Banca Sistema, being their General Counsel.