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Italy's Intesa Sanpaolo Sells Payment Units in $1.2 Billion Deal

Intesa Sanpaolo SpA agreed to sell its Setefi and Intesa Sanpaolo Card payment units to a group that includes Bain Capital and Advent International in a deal valued at 1.04 billion euros ($1.2 billion).

The Italian lender will record a gain of 895 million euros from the transaction, Turin-based Intesa Sanpaolo said in a statement Monday. The transaction is expected to be completed by the end of this year. As part of the deal, the bank has agreed to continue using the card and payment processing services for 10 years. Clessidra Sgr is also part of the buying group, which is called Mercury UK Holdco Ltd.