Company News

Italy's Nexi clinches all-share merger with Nordic rival Nets

MILAN, Nov 15 (Reuters) - Italy’s biggest payments group Nexi on Sunday struck its second merger deal in a six weeks, as it agreed to join forces with Danish rival Nets in a 7.8 billion euros ($9.2 billion) all-share tie-up to create a major European player.

In the latest sign of fast-paced consolidation in the payments industry, Nexi said the deal would create a group with pro-forma 2020 revenues of 2.9 billion euros and a core profit of 1.5 billion euros.

Under a binding accord the two companies have signed at the end of an exclusivity period, shareholders in Nets are set to receive 406.6 million newly-issued Nexi shares which will be subject to a lockup mechanism of up to 24 months post-closing.

The deal is expected to close in the second quarter of 2021, Nexi said in a statement.

The agreement with Nets follows a long-awaited deal Nexi announced in early October to buy Italian rival SIA for 4.6 billion euros in shares to create a domestic champion. ($1 = 0.8455 euros) (Reporting by Elisa Anzolin; editing by Valentina Za)