Italian financial services company UnipolSai has agreed to acquire Italian hotel group Una for nearly €287m in order to diversify its investment and improve its presence within the hospitality industry.
The acquisition is being carried out through two transactions.
The business unit concerning hotel management of Una will be purchased at €27.6m, while the real estate portfolio for hotel use from Venice to Catania and Sicily will be acquired for €259m.
UnipolSai is also planning to merge Una with its Atahotels hotel chain, in order to expand its portfolio with more than 50 hotels, consisting of 8,600 rooms with an aggregate revenue of more than €170m.
UnipolSai said in a statement: "The new entity, with the support of partners, will be able to search for enhancement and development opportunities, increasing its competitiveness in the strategic sector of the Italian economy represented by tourism."
Preceding transactions are likely to take place after the company receives approval from relevant authorities. It is subject to the completion of the debt restricting procedures of Una.
UnipolSai CEO Carlo Cimbri is reportedly trying to boost the company’s profitability after it completed a four-way merger to save Fondiaria-SAI, which faced probes of alleged market manipulation by Cimbri and other directors.
Bloomberg quoted Banca Akros analyst Francesco Previtera who said: "The acquisition is likely to complete Atahotels’ restructuring process, which begun after the merger with Fondiaria-SAI."