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Eight Capital Partners offloads stake in Italian financial services business


The firm has agreed to sell its stake in Italian firm Finance Partners Group for €2.15mln, a move it said will provide a “better strategic alignment” between its wholly-owned investments and its other activities

() said it has disposed of its entire investment in Italian firm Finance Partners Group (FPG) for €2.15mln.

The company said that pursuant to the sales agreement with the unnamed buyer, Eight Capital has already received an initial payment of €1.57mln in cash with the remaining €0.58mln due to be settled in cash or listed equity in six months.

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Eight Capital originally acquired its stake in FPG through the purchase of a €2mln receivable for €1.9mln in August 2019, which was then converted into equity in November of that year.

The group added that following the disposal there is a “better strategic alignment” between its wholly-owned investments, Epsion Capital and InnFin, and its other activities.

“From this disposal, we have demonstrated a clear pathway of using a package of balance sheet resources to acquire assets, in this case convertible into equity in a valuable target, and generate value for shareholders that, importantly, has later been realised,” Eight Capital’s chairman Dominic White said in a statement.

“Over and above this profitable disposal, the board considers there to be potentially greater value creation for shareholders from the further aligning of the activities of our wholly owned financial services subsidiaries. Epsion and InnFin have worked together closely on this transaction. We expect them to deliver and develop other exciting transactions for the company in the second half of the year,” the chairman added.

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