Davidson Kempner agrees sale of credit manager Prelios to ION Group

LONDON (Reuters) – U.S. hedge fund Davidson Kempner has struck a deal to sell Italian credit manager Prelios to ION Group, it said on Friday.

ION, a financial technology and media group led by Italian businessman Andrea Pignataro, is making the acquisition through its subsidiary X3 Group.

Terms of the deal were not disclosed, but Reuters previously reported that Davidson Kempner sought a valuation of about 1.3 billion euros ($1.43 billion) for Prelios.

($1 = 0.9095 euros)