Softbank-backed doValue in exclusive talks with Elliott over rival Gardant-March 2024-www.financetom.com

Softbank-backed doValue in exclusive talks with Elliott over rival Gardant

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Softbank-backed doValue in exclusive talks with Elliott over rival Gardant

Mar 21, 2024 12:50 AM

MILAN, March 21 (Reuters) - Softbank-backed doValue

, Italy's biggest bad loan company, on Thursday said it

had entered exclusive talks with Elliott Advisors and another

fund to buy rival Gardant.

Companies in the non-performing loan (NPL)sector are under

pressure to consolidate as banks' surprisingly healthy loan

books have reduced the need for the disposals of impaired debts

that used to feed the NPL market.

"Negotiations will now proceed on an exclusive basis aimed

at finalizing a binding agreement for the potential combination

with Gardant," doValue said in a statement.

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