MILAN (Reuters) -Italy’s De Agostini group has agreed to sell its alternative investment business to Green Arrow Capital, exiting the sector after 15 years as part of a broader rebalancing of its investment portfolio, the two companies said on Tuesday.
The 124-year-old De Agostini group, backed by Italy’s Drago and Boroli families, has evolved from a publishing house specialised in geography into a financial conglomerate whose investments range from MasterChef and Peaky Blinders producer Banijay Group to the Venchi chocolate brand.
Its DeA Capital asset management business includes real estate operations that the group is retaining, and a private equity business focused on impaired assets, which it is selling to Green Arrow.
“The binding agreement follows a competitive process conducted by De Agostini over the past few months,” the two companies said, without disclosing financial details.
Following the deal, which is subject to regulatory approval, Green Arrow Capital will have 6 billion euros ($6.9 billion) in free-earning assets under management across 32 funds and a team of 167 professionals, with 80 of them from DeA Capital Alternative Funds SGR.
($1 = 0.8667 euros)
(Reporting by Valentina ZaEditing by Mark Potter)
