ION tycoon builds fintech empire with billions in debt

Pignataro’s ION has taken about US$3bil of private loans, mostly provided by the New York-based fund. — Bloomberg

Rome: Andrea Pignataro’s ION Group borrowed billions of dollars from US private lender HPS Investment Partners in recent years to fuel an acquisition spree, adding a layer of expensive loans to the pile of publicly traded debt already weighing on the Italian tycoon’s financial technology (fintech) empire.

ION has taken about US$3bil of private loans, mostly provided by the New York-based fund, according to an analysis of its most recent financial accounts by Bloomberg News and people familiar with the matter.