Deals
Fortress Said Close to Deal on UniCredit Unit Purchase
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Fortress Investment Group LLC and Prelios SpA will probably reach an agreement with UniCredit SpA on terms to purchase the bad-loan unit of Italy’s biggest bank in a few weeks, according to people with knowledge of the plan.
Fortress, which is in exclusive talks with the Milan-based bank to buy UniCredit Credit Management Bank SpA along with 2.5 billion euros ($3.1 billion) in soured loans, is working out legal details of the deal, said two people who asked not to be identified because the matter isn’t public.