Kyneste, a UniCredit subsidiary specialised in ICT platforms management, has sold to Reply Group its 100% stake in Comunication Valley, a company specialised in IT security services management.
The transaction, which has been executed on the basis of an Enterprise Value of €14.5 million, is in line with the UniCredit's reorganisation strategy of Group IT operations following the merger with Capitalia and has been based on an industrial plan ensuring positive growth scenarios to the company and to its employees.
Therefore, UniCredit Group continues to focus on its core business and on the reorganisation of its IT activities, on the basis of a service model fully dedicated to its internal needs. UniCredit, which will continue to leverage on Communication Valley's specialised services, has decided to maximise the return on its investment in the company, considering its excellent market positioning. At the same time, the disposal of Communication Valley to a specialised IT player as Reply is the best solution for the company to capitalize its know-how and the market potential.
In 2007 Communication Valley reported a turnover of ca. €9.1 million and a profit before tax of ca. €1.6 million.
UniCredit has been advised by LECG Consulting as financial advisor and by Fontana e Associati as legal advisor.
UniCredit Group
With a current market capitalization of approximately €64 billion (March 5 2008), ranking among the top financial groups in Europe, the UniCredit Group is present in 23 countries, with over 40 million clients and 10,000 branches, approximately 180,000 employees and total assets of approximately €1,018 billion (proforma) as at 30 June 2007. In the CEE region, UniCredit operates the largest international banking network with over 3,700 branches and outlets, where more than 76,000 employees serve approximately 27 million customers.
Reply
Reply is a Consultancy, Systems Integration, Application Management and Business Process Outsourcing company, specialized in the creation and implementation of solutions based on new communication networks and digital media. Based on a network of specialized companies, it delivers applications for improving corporate operations and innovative technologies to enable communication with clients, partners and suppliers. Its clients are mainly businesses operating in the Telecom & Media, Manufacturing, Finance and Public Administration sectors. Reply is listed in the Star segment of the Italian Stock Exchange.
Contacts:
UniCredit
Media Relations:
Tel. +39 02 88628236; e-mail: MediaRelations@unicreditgroup.eu
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