doValue: DoValue subsidiary seals deal in Greece; GBV goes to EUR5.4 billion

(Alliance News) - doValue Spa announced Monday that its subsidiary doValue Greece Loan and Credit Claim Management Company SA has entered into a bilateral agreement with a number of investment funds managed by Bracebridge Capital, LLC, to secure servicing mandates amounting to EUR2.3 billion GBV including the latest tranche of Alphabet and some other minor mandates. The servicing mandates include a EUR2.1 billion GBV tranche of the Alphabet Secured Corporate portfolio that a fund managed by Bracebridge bought from PQH, acting as special liquidator, and two other smaller portfolios. The Alphabet Secured Corporate portfolio, for which doValue will act as sole and exclusive servicer, includes about 13,000 loans from 7,000 borrowers, with a total collateral value of EUR3.1 billion and total claims of EUR7.1 billion. The portfolio will be taken over by February 2025 following the completion of the transaction. "This agreement further strengthens the strategic partnership with Bracebridge, and expands its presence in the Greek market, consolidating its position as a leading servicing platform in Southern Europe," the company specified in a note. To further align the interests of doValue Greece and Bracebridge, the bilateral agreement provides for an upfront payment of EUR2.4 million from doValue Greece to a fund managed by Bracebridge for the acquisition of the servicing contract, plus another EUR4.8 million payable over the next four years, subject to certain conditions. The profitability of the contract, also taking into account the total payment of EUR7.2 million to a fund managed by Bracebridge, is expected to be in line with the profitability of other servicing mandates in the region. "With today's announcement, doValue once again demonstrates its leadership in the Greek market, as well as its ability to achieve the targets outlined in the business plan," the company points out in a note. "In fact, with this transaction doValue reaches EUR5.4 billion of Gross Book Value generated from new business in 2025, excluding new business from flow contracts, reaching in the first weeks of the year almost 70 percent of the EUR8 billion target for the whole of 2025. By Chiara Bruschi, Alliance News reporter Comments and questions to redazione@alliancenews.com Copyright 2025 Alliance News IS Italian Service Ltd. All rights reserved. (Alliance News) - doValue Spa announced Monday that its subsidiary doValue Greece Loan and Credit Claim Management Company SA has entered into a bilateral agreement with a number of investment funds managed by Bracebridge Capital, LLC, to secure servicing mandates amounting to EUR2.3 billion GBV including the latest tranche of Alphabet and some other minor mandates. The servicing mandates include a EUR2.1 billion GBV tranche of the Alphabet Secured Corporate portfolio that a fund managed by Bracebridge bought from PQH, acting as special liquidator, and two other smaller portfolios. The Alphabet Secured Corporate portfolio, for which doValue will act as sole and exclusive servicer, includes about 13,000 loans from 7,000 borrowers, with a total collateral value of EUR3.1 billion and total claims of EUR7.1 billion. The portfolio will be taken over by February 2025 following the completion of the transaction. "This agreement further strengthens the strategic partnership with Bracebridge, and expands its presence in the Greek market, consolidating its position as a leading servicing platform in Southern Europe," the company specified in a note. To further align the interests of doValue Greece and Bracebridge, the bilateral agreement provides for an upfront payment of EUR2.4 million from doValue Greece to a fund managed by Bracebridge for the acquisition of the servicing contract, plus another EUR4.8 million payable over the next four years, subject to certain conditions. The profitability of the contract, also taking into account the total payment of EUR7.2 million to a fund managed by Bracebridge, is expected to be in line with the profitability of other servicing mandates in the region. "With today's announcement, doValue once again demonstrates its leadership in the Greek market, as well as its ability to achieve the targets outlined in the business plan," the company points out in a note. "In fact, with this transaction doValue reaches EUR5.4 billion of Gross Book Value generated from new business in 2025, excluding new business from flow contracts, reaching in the first weeks of the year almost 70 percent of the EUR8 billion target for the whole of 2025. By Chiara Bruschi, Alliance News reporter Comments and questions to redazione@alliancenews.com Copyright 2025 Alliance News IS Italian Service Ltd. All rights reserved.