Elliott-backed Gardant closes long-awaited deal with Italy's BPER

Mid-sized Italian bank BPER Banca said it had finalised a deal with Gardant, more than a year after it first announced a partnership with the bad loan specialist backed by U.S. investment fund Elliott. BPER and Gardant said in November 2022 they had agreed to set up a new company, which would be 70% owned by Gardant and 30% by BPER, to manage the bank's impaired loans. BPER had selected Gardant as preferred bidder in August 2022.