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Merging with private equity-backed Nets would give Milan-listed Nexi access to advanced digital payments markets in northern Europe, where the Scandinavian group has a leading position, as well as exposure to central and eastern Europe which offers growth potential.
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Nexi CEO Paolo Bertoluzzo had said when the SIA deal was announced on Oct. 4 that Nexi-SIA would be on the lookout for other deals to build a presence in key European markets. Nexi said combining the two groups, which last year had just over 1 billion euros in revenues each, would result in annual synergies of 150 million euros. The all-share deal structure comes with “long-term lock-up commitments” for Nets’ investors who cannot immediately cash out.
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