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Italy's Cerved Group to buy Greek property services unit from Eurobank

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(Reuters) – Italian non-performing loan management company Cerved Group said on Thursday it had agreed to buy the property services arm of Greek lender Eurobank for up to 13 million euros (11 million pounds).

A unit of Cerved will buy the entire capital of Eurobank Property Services (EPS) in Greece as well as its subsidiaries in Romania and Serbia, for 8 million euros initially followed by an additional 5 million euros depending on the unit’s performance.

“Further consideration of up to 5.0 million euros in the form of earn-out will be due upon reaching certain economic results and conditions in the timeframe until 2023,” Cerved said in a statement.

Through the acquisition the Italian group plans to expand its presence in Europe and establish local real-estate practices in countries outside Italy.

Cerved said it expects revenue from its operations in Greece to exceed 10 million euros this year, calculated on a pro-forma full-year basis.

The deal is expected to close in the first quarter of 2019, Cerved said.

(Reporting by Anna Rzhevkina in Gdynia; Editing by Susan Fenton)

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