Inter, Kpmg's report on the table of the American fund Oaktree
he big consultancy firm draws up a valuation for the US group and the Zhang family. Estimate of around one billion for the club: basis for a future sale
by Carlo Festa
2' min read
2' min read
The appraisal with Inter's valuation, which was carried out by Kpmg's consultants, has been produced and already delivered to the US shareholder Oaktree.
Kpmg's document was requested and became necessary in the aftermath of Inter's handover on 22 May following the non-repayment of a three-year loan granted three years ago by Oaktree itself to the holding companies upstream in Inter's chain of control headed by the Zhang family (i.e. Great Horizon, sole shareholder of Grand Sunshine which, in turn, is a shareholder of Grand Tower). The loan expired on 21 May, with a total balance of around EUR 395 million, and Oaktree proceeded to enforce the pledge.
The expertise
.There is great secrecy about the dossier, but according to rumours, the document by Kpmg, already an advisor in 2021 at the time of Oaktree's financing, would indicate a valuation of Inter exceeding one billion euros, including debts. This would be an appraisal considered a fair starting point, in case of a future sale of the Nerazzurri club by Oaktree. In fact, a future sale of Inter, according to the agreements signed between the Zhang family and the Californian fund, foresees precise conditions: Oaktree will have to be reimbursed for the loan granted three years ago, plus the interest accrued in the time up to the sale (it was 12% per year in the 2021 contract) . On the contrary, the Zhang family will be paid the difference between what was collected and the total debts: that is, what is owed to Oaktree and the repayment of the €415 million bond.
The impact on divestment
.These agreements also explain the handover without much fanfare a week ago: chairman Steven Zhang, after failing to reach an agreement on refinancing with Pimco, after initial reactions, declared his bitterness at leaving the club, but did not initiate legal proceedings.
In fact, the spotlight is on Inter's valuation, which will allow the Zhang family to return, in part, the money invested as a shareholder in the Nerazzurri club. A future sale at a high price is the hoped-for outcome.
