MILAN, July 1 Italian state-backed private
equity fund Fondo Strategico Italiano (FSI) and Kuwait
Investment Authority (KIA) have created an investment company
with assets and commitments worth 2.185 billion euros ($2.98
billion), FSI said on Tuesday.
The new company, FSI Investimenti, will be 77 percent owned
by FSI and 23 percent owned by KIA, it added.
"The agreement is consistent with FSI strategy of increasing
its capital to 7 billion euros, also by attracting foreign
investments in Italy," FSI said in the statement.
Both FSI and KIA have committed to inject up to 500 million
euros into the new company, with KIA expected to pay in 352
million euros in the next few days. The capital of FSI
Investimenti could be increased in future via commitments of new
co-investors, FSI added.
FSI will transfer to FSI Investimenti its interests in fibre
network provider Metroweb Italia, biopharmaceutical company
Kedrion Group, equipment maker Valvitalia, SIA, IQ Made in Italy
Investment Company and a 44.55 percent stake in power
engineering company Ansaldo Energia, with the transferred
portfolio valued at 1.185 billion euros.
The contributed portfolio will exclude FSI's interest in
insurer Generali, earmarked for divestment by the end
of next year, and a 40 percent stake in Ansaldo Energia already
committed for sale to Shanghai Electric Group.
FSI Investimenti will have the same investment perimeters as
FSI, excluding the gaming and alcohol sectors, in which KIA
($1 = 0.7331 Euros)
(Reporting by Agnieszka Flak; Editing by Grant McCool)