Just over a decade ago, processing electronic payments was largely regarded as a dull back-office function, including by the banks that did it. A deal this week to create one of Europe’s largest payments companies is a reminder of a group that took a very different view and stepped into reap the rewards: private equity firms.
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How the private equity industry stole a march in European payments
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Italian payments group Nexi acquired Danish rival Nets for €7.8bn, combining two businesses that began life in banks but were then carved out and run by buyout groups Advent, Bain Capital and Hellman & Friedman. Nexi snapped up Nets just weeks after striking a tie-up with domestic competitor Sia, a run of deals that will value the group at €22bn.
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