MILAN (Reuters) - Italian investment bank Mediobanca said on Tuesday its unit Cairn Capital would acquire and merge with London-based specialist distressed credit manager Bybrook Capital.
Mediobanca will retain a stake of around 64% in the new group, while the remaining 36% will be held by former Bybrook shareholders and Cairn Capital’s minority stockholders, the companies said in a statement.
The new company aims to become a leading diversified alternative credit manager with around $8 billion in assets under management, they added.
The deal, subject to the customary conditions, is expected to close in the second quarter of 2021.
No other financial details were provided.
Reporting by Cristina Carlevaro, editing by Agnieszka Flak
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Mediobanca unit merges with bad loan manager Bybrook - Reuters
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