Banca popolare dell'Emilia Romagna, Società cooperativa agreed to acquire an additional 59.2% stake in Banca di Sassari S.p.A from Banco di Sardegna S.p.A. for approximately €210 million.

Banca popolare dell'Emilia Romagna, Società cooperativa (BIT:BPE) agreed to acquire an additional 59.2% stake in Banca di Sassari S.p.A from Banco di Sardegna S.p.A. (BIT:BSRP) for approximately €210 million on March 22, 2016. After transaction, Banco di Sardegna will decrease its stake in Banca di Sassari to 20.5% and Banca popolare dell'Emilia Romagna interest in Banca di Sassari will raise to 77.5% from 18.3%. Before completion of the transfer of the business unit and subject to it, Banca popolare dell'Emilia Romagna will grant Banca di Sassar minority shareholders(currently holding about 1.9% stake), a put option for selling all or part of their shareholding at the same price set for Banco di Sardegna (€5.8 per share).

The transfer of shares will be finalized by May 23, 2016, together with the execution of the transfer of the business unit represented by BSS branches. Andrea Sassi and Federica Fratello of 4Legal acted as legal advisors to Banca popolare dell'Emilia Romagna. R. Alberti and V. Linguanti of KPMG acted as financial advisor to Banco di Sardegna.