Intesa Sanpaolo to Offload Merchant Acquiring Business to Nexi

Intesa Sanpaolo to Offload Merchant Acquiring Business to Nexi
20.12.2019 04:37 am

Intesa Sanpaolo to Offload Merchant Acquiring Business to Nexi

Payments

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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