Sole 24 Ore: Investcorp hunting for Italian partner as structure of offer emerges

By Oliver Fisher -

The long-distance battle between Investcorp and RedBird Capital for the acquisition of AC Milan continues, with new information emerging all the time.

Il Sole 24 Ore (via MilanNews) speaks about Investcorp’s interest in buying the Rossoneri, claiming that their American counterparts have slightly exceeded the offer of €1.2bn put on the table by the Bahrain-based fund.

Now the ball passes to Investcorp once against and they have been called upon to raise their bid. In the hunt for investors to fund the takeover, they are looking for an Italian one to give a more marked identity to the offer.

The offers of the two competitors are very similar in structure: both funds would ask for a loan from the banks, Goldman Sachs for Investcorp and JP Morgan for RedBird, while Investcorp are unhappy about having been dragged into a battle.

Carlo Festa of Sole 24 Ore writes that Investcorp’s €1.2bn offer is as follows: Term facility (loan) €400m, preferred equity €400-500m, common equity €300-400m. Total €1.2bn.

Tags AC Milan


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