EQUITA assisted Unipol Gruppo

EQUITA SIM - Equity Capital Markets Advisory
Unipol (700x1050)
Unipol (700x1050)

Milan, September 29th, 2023 Unipol Gruppo – one of the biggest insurance groups in Europe and the leading company in Italy in the non-life insurance sector, especially in the MV and health businesses – on September 28th, 2023, announced the purchase of an additional 10.2% stake in Banca Popolare di Sondrio.

The transaction was completed through a reverse accelerated book-building launched right after market close on September 27th, 2023, following the approval from the relevant authorities. As a result, Unipol Gruppo purchased 46.3 million shares of Banca Popolare di Sondrio at a price of €5.10 per share, corresponding to a 4% premium compared to the last closing price and a 10% premium compared to the average price of the previous month.

The strong interest of institutional investors allowed the book to be 90% covered since the very beginning of the offering and resulted in a 100% take-up at closing the following day, just before market opens.

Shareholder with 9.5% stake since 2021, Unipol Gruppo increases its investment in Banca Popolare di Sondrio to 19.7% of the share capital. This will enable Unipol to consolidate its industrial and corporate partnership in the Life and Non-Life bancassurance business with the banking group and to increase the stability of the bank’s shareholding structure.

EQUITA assisted Unipol Gruppo as joint bookrunner. The transaction represents the sixth reverse accelerated book-building completed by EQUITA’s ECM team and trading floor in the last three years, more than any other financial institution, and further strengthens the role of leading ECM franchise in the domestic market.

The transaction in a nutshell

EQUITA Assisted Unipol

Unipol Gruppo increases its stake in the bank to 19.7% EQUITA joint bookrunner in the transaction

Unipol Gruppo S.p.A.
September 2023
Reverse accelerated book-building on ordinary shares of Banca Popolare di Sondrio
Joint Bookrunner
€ 236 m
Equity Capital Markets – ECM

The Company

Unipol is one of the biggest insurance groups in Europe and the leading company in Italy in the non-life insurance sector, (especially in the MV and health businesses), with total premiums of €13.6bn, of which €8.3bn in non-life and €5.3bn in life (2022 figures). Unipol adopts an integrated offer strategy and covers the entire range of insurance products, operating primarily through the subsidiary UnipolSai Assicurazioni. The Group is also active in direct MV insurance (Linear Assicurazioni), transport and aviation insurance (Siat), health insurance (UniSalute) and supplementary pensions and covers the bancassurance channel (Arca Vita and Arca Assicurazioni). It also manages significant diversified assets in the property, hotel (Gruppo UNA), medical-healthcare and agricultural (Tenute del Cerro) sectors.