Intesa Sanpaolo to Offload Merchant Acquiring Business to Nexi

  • Payments
  • 20.12.2019 04:37 am

Intesa Sanpaolo is to sell its merchant acquiring business at 380,000 points of sale across Italy to local payments processor Nexi for €1000.

Under the deal, the Italian bank will spend €653 million to acquire a 9.9% stake in Nexi, maintaining its interest in the business. Intesa will also retain the sales force dedicated to acquiring new customers under a long-term partnership with the vendor.

The bank says the transaction will enable it to extract proper value from the acquiring activities currently carried out internally - "taking into account that operating efficiently in this sector, in a competitive scenario of international scope, requires greater investment and economies of scale" - while retaining an interest in a business with significant growth prospects.

In 2018, the business activities under hammer generated operating income of around €74 million, operating margin of around €72 million and net income of around €48 million.

The transaction is expected to be finalised next year.

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