ION di Pignataro wants to invest in fintech backed by Azimut

(Alliance News) - According to sources familiar with the matter and reported by Bloomberg, Andrea Pignataro's ION group intends to acquire a minority stake in a new Italian digital bank backed by private equity firm FSI SGR Spa and asset management company Azimut Holding Spa.

Pignataro's ION is ready to acquire a stake of around 6% in the joint venture, known as TNB, the sources said, asking the newspaper to remain anonymous as the information is confidential. According to the sources, negotiations are still ongoing and the size of the stake could still change.

Last month, Azimut reached an agreement with Milan-based FSI to set up a fintech company specialising in advanced asset management services. The fund had agreed to acquire an 80% stake in TNB in a transaction with a total potential value of approximately EUR1.2 billion—equivalent to USD1.4 billion—including cash components and earn-out agreements. FSI could be backed by a pool of co-investors, Azimut said at the time.

The purchase of ION would reduce FSI's stake, the sources said.

As Bloomberg explains, the deal is part of Azimut's plan to spin off part of its network of advisors and merge it into a new digital bank. The new company will have total assets of approximately EUR26 billion.

Azimut is selling 0.7% at EUR26.42 per share.

By Claudia Cavaliere, Alliance News reporter

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