RE: RNS29 Jun 2021 09:13
Could be these
Azimut and Epic launch Azimut Direct, creating a new fintech venture dedicated to the real economy
Milan, 8 February 2021
The Azimut Group ("Azimut"), through Azimut Enterprises, signed an agreement to acquire Epic’s (“Epic”) fintech and structuring of alternative finance activities for SMEs going concern. The business unit will be transferred to a Newco, Azimut Direct, of which Azimut will hold a 50.1% stake while 49.9% will be owned by Epic. The completion of the transaction, which will be subject to the approval of the supervisory authorities, is expected in the first half of 2021.
Azimut Direct aims to support the growth and development of Italian SMEs, through a joint action of consulting, structuring and placement of alternative finance instruments with institutional and qualified private investors. The Azimut Direct business plan is functional to Azimut's strategic objective of creating a broad ecosystem in support of the Italian economy, developing a marketplace of companies and investors allowing funds and other professional investors to select and finance the most deserving SMEs.
Azimut Direct capitalizes Epic's fintech experience, combining structured finance capabilities with IT corporate analysis and distribution, with the potential synergies thanks to the help of the technology developed by Azimut Capital Tech, set up following the partnership with Borsa del Credito signed in 2020.
With this investment, Azimut accelerates the development of the Banca Sintetica (Synthetic Bank) project with the aim of providing loans to Italian SMEs for 1.2 billion euros in the period 2021-2025. This is also thanks to the Alternative Credit product range that has seen the addition of two new innovative funds over the past few weeks:
i. ELTIF PIR Digital Lending, a strategy focused on government-guaranteed loans and commercial credits invested through fintech platforms;
ii. FIA Private Debt Multistrategy, a private debt strategy with the benefits of high diversification between performing assets, non-performing assets, direct lending and special situations.