The Italian state just backed €500m for the company that owns AOL
Bending Spoons has agreed a €500m loan facility guaranteed by the Italian state.
The guarantee comes from SACE, Italy’s export credit agency, which is wholly owned by the Ministry of Economy and Finance. HSBC Continental Europe, Intesa Sanpaolo and BPER Banca arranged the facility, which matures in March 2031.
The Milan company will use the money to buy more companies.
“Our aim is to maximize long-term value per share, and we remain focused on deploying capital in a disciplined way to generate attractive risk-adjusted returns, primarily through acquisitions,” said Davide Scarpazza, co-chief financial officer.
What an export agency is funding
SACE describes its purpose as fostering exports and supporting the international growth of Italian businesses. It manages guarantees worth around €290bn across 200 markets.
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