Arrow acquires Italian Zenith Service spa for €17m

6th Dec 2016 09:35

(ShareCast News) - Arrow Global group, a purchaser and manager of debt, agreed terms to acquire Italian financial services company Zenith Service Spa for an enterprise value of €17m, as part of an effort to enter the Italian market worth €168bn.The acquisition of Zenith, subject to regulatory approval by the Bank of Italy, was anticipated to complete in the first half of 2017.The move would further expand the company's European footprint, building on the group's top three market positions in the UK, Portugal and Benelux and reinforce its position as a leading European debt purchase and management business.Chief executive of Arrow Tom Drury said: "Zenith is our first step in creating a strong market proposition in Italy, where Arrow and Zenith already share some common clients. Zenith provides a low risk, robust platform and important servicing capabilities. Clients value Arrow's breadth of expertise, data capability, reach and scale and Zenith meets all of these criteria. Additionally the acquisition affords us an excellent vantage point from which to consider asset servicing growth in line with our targeted returns."CEO and founder Giuseppe R. Amato said: "We are delighted to be joining Arrow. It is an exciting time for the business as it continues to expand and develop its European strategy. We have built a strong business which complements well Arrow's existing expertise. We share the same customer-centric values and service quality and I look forward to working with Arrow's management team to further strengthen and grow our business in Italy."Arrow Global's share price fell 2.04% to 288.1p at the close on Tuesday.