European rivals have since tried to bulk up to remain competitive, with France’s Worldline SA agreeing in February to buy Ingenico Group SA. Nexi will initially focus on the combination with SIA in Italy while Nets management continues to run the company like a stand alone business until a wider integration takes place in 2022. The deal will quadruple Nexi’s footprint in Europe, giving the company access to markets in 25 countries, many of which currently have low penetration for digital services, Bertoluzzo said in a statement on Sunday. Have a confidential tip for our reporters? Companies People Investors Funding Rounds Acquisitions Schools Events Hubs Saved The company owns a platform called AllFunds which is a consolidator of fund administration businesses and used to be an investor in stock exchange Nasdaq. Nexi buys Nets in US$9.2b deal to create payment giant. The two firms wrapped up weeks of talks with a deal that will generate about 170 million euros of synergies per year. Nexi rose as much as 3.6% in Milan trading and was up 1.9% to 15 euros as of 9:40 a.m., giving the firm a market value of 9.45 billion euros. The transaction, finalized just a month after Nexi purchased another competitor, adds to a wave of consolidation sweeping the continent’s financial services industry, and will extend the Italian company’s reach across Europe, where it has operations spanning Italy, German-speaking countries and the Nordics. 18th November 2020. The all-share deal values Copenhagen-based Nets at 7.8 billion euros ($9.2 billion), including 1.8 billion euros of debt, the companies said in a joint statement Sunday. Nov.16 -- Italian payments processor Nexi SpA has agreed to buy private equity-owned rival Nets A/S in a $9.2 billion deal. Written by Ruby Hinchliffe. On Nov. 2, Nexi said it was entering a 10-day exclusive negotiating period, later extended to Nov. 16, to pursue a binding agreement to buy Nets, which is backed by buyout firm Hellman & Friedman. Hackers Breach Thousands of Security Cameras, Exposing Tesla, Jails, Hospitals, Covid Outbreak Hits Banks, Gyms, Schools in Hong Kong, New Biotechnology Covid Treatment Reduces Risk of Death, Tech Shares Slide While Yields Climb With Dollar: Markets Wrap, Johnson & Johnson’s Single-Shot Covid Vaccine Approved by EU. Nets and Worldline take stakes in bank-backed rival to Visa and Mastercard 25 November 2020 8 5 13 Nexi and Nets enter exclusive negotiations on blockbuster merger The integration of the three payments businesses will take place in phases. Reuters reported on Friday that Nexi was leading negotiations to buy Nets in a deal worth about $10 billion after trumping competition from U.S. firm Global Payments GPN.N. Save Search . Italy's Nexi has struck its second tie-up in six weeks, agreeing a 7.8 billion euro ($9.2 billion) merger with Nordic rival Nets to create Europe's largest payments group. Nets’ private-equity owners invited a group of potential buyers to submit offers, Bloomberg reported in October. Italian payments processor Nexi SpA agreed to buy private equity-owned rival Nets A/S, creating the Europe’s biggest payments firm by volume in a quickly consolidating industry. Nexi buys Nets in US$9.2 bil deal to create payment giant | The Edge Markets Nexi Buys Nets in $9.2 Billion Deal to Create Payment Giant. Share; Tweet; To continue, please click the box below to let us know you’re not a robot. Before it's here, it's on the Bloomberg Terminal. The joint company will be Europe’s biggest payment business by volume, number of customers and earnings before interest, tax, depreciation and amortization. Click here to view the original article. Nexi-Nets-SIA would also surpass rival heavyweight Worldline-Ingenico for the number of payment cards managed and retail outlets served. While the deal is appealing, the “short initial lock-up does shift the risk back to Nexi shareholders.”. If Nexi were to buy Nets too, its pan-European payments giant status would branch past Italy into German-speaking countries and the Nordics. Nexi works to provide high-quality solutions for making and accepting digital payments that are innovative, simple and secure. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. Nexi è la PayTech che costruisce il futuro dei pagamenti digitali in Italia, insieme alle sue Banche Partner, con soluzioni innovative per Privati e Aziende. Published. Bloomberg Markets & Finance via Youtube. Nexi Buys Nets in $9.2 Billion Deal to Create Payment Giant. November 16, 2020 November 16, 2020 1 min read bijin. Consolidation in the payments industry started last year in the U.S., when Fiserv Inc. agreed to take over First Data Corp. in a deal valued at the time at $22 billion. Nov.16 — Italian payments processor Nexi SpA has agreed to buy private equity-owned rival Nets A/S in a $9.2 billion deal. Nexi Buys Nets in $9.2 Billion Deal to Create Payment Giant – Bloomberg. In 2019 Nets generated revenues of €1 billion and adjusted EBITDA of €0.4 billion, and has a growth profile over the medium term broadly in line with the one of Nexi. November 02, 2020. The integration of the three payments businesses will take place in phases. The move will create one of Europe’s biggest payments providers. The combined firms will be “uniquely positioned to catch further M&A opportunities,” Nexi Chief Financial Officer Bernardo Mingrone told analysts during a conference call on Monday. The move will create one of Europe’s biggest payments providers. (Bloomberg) -- Italian payments processor Nexi SpA agreed to buy private equity-owned rival Nets A/S, creating the Europe’s biggest payments firm by volume in a quickly consolidating industry. Nexi’s acquisition of Nets creates Europe’s largest payments firm by volume. Nexi, the Milan-based payments processor which merged with SIA last month, is now set to buy rival Copenhagen-based Nets in a $9.2 billion (€7.8 billion) deal. MILAN/LONDON (Nov 16): Italian payments processor Nexi SpA agreed to buy private equity-owned rival Nets A/S, creating the Europe’s biggest payments firm by volume in a quickly consolidating industry.The all-share deal values Copenhagen-based Nets at 7.8 billion euros (US$9.2 billion) including 1.8 billion euros of debt, the companies said in a joint statement Sunday. “The strategic rationale of the deal is appealing, extending Nexi’s growth runway beyond Italy,” Jefferies analyst Paul Kratz said in a note. Nexi Buys Nets in $9.2 Billion Deal to Create Payment Giant – Bloomberg. Nets shareholders will receive 406.6 million new Nexi shares, initially resulting in 39% of the combined entity. WATCH: CEO Paolo Bertoluzzo discusses Nexi’s agreement to buy private equity-owned rival Nets. Nexi, the Italian digital payment company, agreed Sunday (Oct. 4) to buy its FinTech competitor, SIA, for about 4.6 billion euros ($5.4 billion) in a stock deal. Missing BloombergQuint's WhatsApp service? — With assistance by Maria Ermakova, and Kit Rees, Italian company’s expansion extended to cover Nordic region, Nexi CFO sees potential for further growth by acquisitions. The two firms wrapped up weeks of talks with a deal that will generate about 170 million euros of synergies per year. Nexi Buys Nets in $9.2 Billion Deal to Create Payment Giant. Build Query: Press References . When the SIA purchase is complete, Nets’ stake in Nexi will decrease to 31%. Since its inception the fund raised over $50 billion of committed capital and is currently deploying its ninth fund with over $16.5 billion firepower in equity. Andrzej Budzik will continue as CEO of Dotpay/eCard and report directly to Asger Hattel, Head of Merchant Services in Nets, and the brands of Dotpay and eCard will remain. [ROME] Italian payments processor Nexi agreed to buy private equity-owned rival Nets, creating the Europe's biggest payments firm by volume in a quickly consolidating industry. The move will create one of Europe’s biggest payments providers. The combined firms will be “uniquely positioned to catch further M&A opportunities,” Nexi Chief Financial Officer Bernardo Mingrone told analysts during a conference call on Monday. The combination of Nexi with Nets is a game-changer in the European payments landscape creating one of the largest players in Europe . Founded in 1984, Hellman & Friedman has a long track record in financial-services investments. Adds Nexi CFO comments in seventh paragraph. U.S. buyout firm Hellman & Friedman -- Nets’ main owner -- as well as Advent International and Bain Capital will remain shareholders in the new entity, with Nets investors subject to a lock up period of six to 24 months. Centerview Partners, HSBC Holdings Plc BofA Securities and Goldman Sachs advised Nexi on the transaction, while Lazard advised Nexi’s related parties committee. Nexi will initially focus on the combination with SIA in Italy while Nets management continues to run the company like a stand alone business until a wider integration takes place in 2022. Nexi Chief Executive Officer Paolo Bertoluzzo has rapidly expanded the company through acquisitions, announcing his pursuit of Nets just days after agreeing to the milestone acquisition of Italy’s SIA SpA for 4.6 billion euros.
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