Italy’s Cerved Group to buy Greek property services unit from Eurobond

Italian non-performing loan management company Cerved Group said on Thursday it had agreed to buy the property services arm of Greek lender Eurobank for up to 13 million euros ($15 million).

A unit of Cerved will buy the entire capital of Eurobank Property Services (EPS) in Greece as well as its subsidiaries in Romania and Serbia, for 8 million euros initially followed by an additional 5 million euros depending on the unit’s performance.

“Further consideration of up to 5.0 million euros in the form of earn-out will be due upon reaching certain economic results and conditions in the timeframe until 2023,” Cerved said in a statement.

Through the acquisition the Italian group plans to expand its presence in Europe and establish local real-estate practices in countries outside Italy.

Cerved said it expects revenue from its operations in Greece to exceed 10 million euros this year, calculated on a pro-forma full-year basis.

The deal is expected to close in the first quarter of 2019, Cerved said. [Reuters]