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Private equity buys into Italian fintech TAS Group, launches bid

By Reuters

<div> <p><span class="caps">MILAN</span> – Italian fintech company <span class="caps">TAS</span> Group said on Thursday a vehicle controlled by European private equity firm Gilde would launch a takeover bid for its shares at 2.2 euros each after taking control of its top shareholder.</p> <p>Gilde Buy Out Partners aims to delist <span class="caps">TAS</span> Group from the Milan Stock Exchange. It agreed to acquire <span class="caps">OWL</span>, that controls 73.2% of <span class="caps">TAS</span> Group, valuing the stake 134.5 million euros ($156.61 million). </p> <p>Shares in <span class="caps">TAS</span>, which develops software for payments and banking, jumped 4.85% to 2.16 euros at 0810 <span class="caps">GMT</span> on the Milan Stock Exchange. </p> <p><span class="caps">TAS</span> is Gilde’s first investment in Italy, “a key geography”, Giuseppe Franze, partner of Gilde and head of Italy, said in a statement. The fund will support <span class="caps">TAS</span> in developing the business also through acquisitions, he added.</p> <p>The closing of the deal is subject to a number of conditions including clearance by regulators pursuant to golden power regulations in Italy and France.</p> <p>($1 = 0.8588 euros)</p> <p/> </div>