doBank buys 85 pct of Altamira Asset Management

Italy’s top bad-loan specialist doBank has agreed to buy 85 percent of Altamira Asset Management, valuing the entire company at 412 million euros in a bid to create a leading European credit manager.

With assets under management of around 55 billion euros and operations in Spain, Portugal, Cyprus and Greece, Altamira is expected to help doBank create a leading operator in credit management and real estate services for banks and investors in Europe, doBank said in a statement on Monday.

doBank’s stake in Altamira could rise to 100 percent if Spain’s Banco Santander, which holds the remaining 15 percent, exercises its tag-along rights provided for in an existing agreement before the closing of the deal, doBank added.

The acquisition, which is expected to be completed by May, envisages an earn-out of up to 48 million euros linked to the development of the business in international markets. [Reuters]