(Alliance News) - doValue on Thursday evening announced that it had signed a binding agreement to acquire 100 percent of the share capital of Gardant

for EUR230 million in cash, including EUR50 million related to the refinancing of net financial debt, plus the issuance of new shares, at a premium to current market value, corresponding to a 20 percent stake in doValue to Gardant shareholders.

Gardant," the company note explains, "will play a key role in further supporting the growth of doValue's leadership in Italy, while strengthening partnerships with banks and investors and diversifying its product offering, about 40 percent of non-NPL revenues, particularly through significant contracts and UTP capabilities and an asset management business.

"Strong support from Elliott, Gardant's current majority shareholder, as a strategic investor with a long-term commitment to reinforce doValue's growth ambitions in Europe and provide future business through an exclusivity agreement," the company wrote in the released note.

doValue closed Thursday's session in the red by 1.0 percent at EUR2.20 per share.

By Maurizio Carta, Alliance News reporter

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