UPA acquires 44% of UPA Servizi from CR Veneto. Finlife advisor
Finlife Corporate Finance advised UPA Padua on the acquisition of a 44,32% stake in the accouting services company UPA Servizi S.p.A. from Intesa San Paolo Banking Group’s subsidiary Cassa di Risparmio del Veneto S.p.A.
UPA – Unione Provinciale Artigiani of Padua, a company engaged in providing support services to small companies and in promoting relationships with public administration, private institutions as well as financial and politics organizations, has acquired a 44,32% stake in the accounting services company UPA Servizi S.p.A. from Cassa di Risparmio del Veneto S.p.A. Bank (Intesa San Paolo Banking Group), thus increasing its overall share to an 88,64%.
Former UPA Servizi’s ownership included UPA and CR Veneto Bank with a 44,32 each and ICT company Network Impresa S.p.A. for the remaining 11,36%. The company provides a wide array of accounting services to more than 3.000 UPA’s affiliates, generating an annual turnover of approx. 10 € millions.
The transaction has a relevant meaning to UPA, enabling the group to take full control of a highly strategic entity to provide effective support services to its affiliates.
Finlife Corporate Finance acted as advisor to UPA in the negotiations and definition of final agreements with CR Veneto.