Fortress Investment Group, a US-based private equity manager, and Italian asset manager Prelios are, reportedly, close to sealing a deal to buy UniCredit Credit Management Bank (UCCMB), the bad-loan unit of Italian bank UniCredit.

Fortress presently is holding exclusive talks to buy UCCMB as well as €2.5bn ($3.1bn) in soured loans, and is sketching out the transaction’s legal details, reports Bloomberg.

Fortress is providing €300m for the servicing platform and around €250m for the assets, which represents a 90% discount to the nominal value.

Under the deal, UCCMB would remain in Verona, Italy, and would not require axing any of its 700 staff employees, and will be led by Charles Spetka, who is the managing director at Fortress.

Fortress will also ink a 12-year deal with UniCredit for servicing about €25bn of the bank’s existing non-performing loans and any future overdue loans worth below €1m.

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