Atlas Merchant Capital Bids for Italian Asset Manager Arca

November 30, 2015

On November 4, 2015, Reuters reported that U.S. investment firm Atlas Merchant Capital submitted a non-binding offer to acquire Italian asset manager Arca, valued at around €1 billion ($1.09 billion), according to two close sources.

Atlas Merchant Capital (“Atlas”) was set up by former Barclays executive Bob Diamond. Each of Arca’s three main shareholders— Italian cooperative banks Banca Popolare dell-Emilia Romagna (“BPER”), Veneto Banca IPO-VENE.MI and Banca Popolare di Vicenza— own 19.99% of Arca, respectively. Arca’s other shareholder, Banca Popolare di Sondrio (“BPS”), owns 12.9% of the company. The sources stated that BPER and BPS may retain a stake in Arca following the transaction.

Anima Holdings, an Italian asset manager, is also allegedly interested in acquiring a stake in Arca.

Arca has declined to comment on any of the reported transactions.

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Investment Manager M&A, Transactions