April 17, 2018 / 10:19 AM / 4 months ago

BRIEF-Intrum And Intesa Sanpaolo Enter Into A Long Term Strategic Partnership

April 17 (Reuters) - INTRUM JUSTITIA AB:

* INTRUM AND INTESA SANPAOLO ENTER INTO A LONG TERM STRATEGIC PARTNERSHIP, CREATING A MARKET LEADING SERVICER OF NON-PERFORMING LOANS IN ITALY

* INTRUM WILL OWN 51% OF JOINT VENTURE SERVICER.

* JOINT VENTURE SERVICER ENTERS INTO A 10-YEAR EXCLUSIVE SERVICING AGREEMENT WITH INTESA SANPAOLO FOR VAST MAJORITY OF BANK’S NEW NPL INFLOW DURING THIS PERIOD.

* INTRUM WILL CONSOLIDATE JOINT VENTURE SERVICER IN FINANCIAL REPORTING.

* SAYS INTRUM WILL MAKE AN INITIAL PAYMENT OF EUR 156 M AT END OF APRIL 201

* SAYS REMAINDER OF PURCHASE PRICE WILL BE PAID AT CLOSING, WHICH IS EXPECTED AT YEAR-END 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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