Mediobanca unit merges with bad loan manager Bybrook

FILE PHOTO: A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/ File Photo

MILAN (Reuters) – Italian investment bank Mediobanca said on Tuesday its unit Cairn Capital would acquire and merge with London-based specialist distressed credit manager Bybrook Capital.

Mediobanca will retain a stake of around 64% in the new group, while the remaining 36% will be held by former Bybrook shareholders and Cairn Capital’s minority stockholders, the companies said in a statement.

The new company aims to become a leading diversified alternative credit manager with around $8 billion in assets under management, they added.

The deal, subject to the customary conditions, is expected to close in the second quarter of 2021.

No other financial details were provided.

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