Cerberus buys Italian NPL portfolio via Debitos
- EY Italy had the mandate with the seller
- “Arcade portfolio” valued at 2.1 billion euros
- Debitos founder Peters: “Largest transaction in the fintech sector”
Frankfurt, January 15, 2019 –
Exciting development in the Italian NPL market: The US investment company Cerberus has acquired a portfolio of non-performing loans at an online auction via the credit marketplace Debitos. The face value of the NPL package amounts to approximately 2.1 billion euros, the parties have agreed to keep the purchase price confidential. The Delta SpA Credit Management Company (SGCD) was entrusted with the sale of the “Arcade Portfolio” by Italian and San Marino banks. The auditing and consulting company EY Italy executed the transaction on the Debitos platform.
Since 2017, Debitos GmbH has been cooperating with EY in Italy – now the first major joint NPL transaction has been successfully completed. “We are very proud that EY has executed a transaction of this magnitude via our online marketplace. This clearly proves the the success of our concept,” says Debitos founder and CEO Timur Peters. “Due to the Counter Bidding functionality on the platform, Debitos was able to increase the sales results significantly for the bank,” says Erberto Viazzo, responsible Partner of EY in Italy.
The unsecured Italian NPL portfolio consisted of more than 200,000 individual loans with extensive documentation. “Bringing a sale of this size to a successful conclusion is, of course, a special challenge. However, the large number of loans, the high volume, the comprehensive data room and ultimately the achieved sales price are a clear statement to the high quality we are now able to offer to our customers, “says Timur Peters. “In the entire FinTech universe, there has not been a transaction of comparable size – that is very special.”
In other European markets, such as Spain, Greece, Austria, Croatia, the UK, the Netherlands and Hungary, Debitos has also shown with highly successful transactions that the marketplace is an efficient and transparent tool for selling loans and other assets.
Debitos is an online marketplace which enables companies, banks and funds to sell their credit exposures on the market through its open and transparent auction-based online transaction platform. The platform leverages on the digitalization of the entire sale process and can reduce the expected disposal timing to 3-8 weeks compared to 3-6 months of the traditional process. Debitos was founded in Frankfurt in 2010 and has since concluded more than 260 online transactions with a total gross book value in excess of €4bn. By now more than 600 investors from all over the world have registered with Debitos.
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