Italy’s Nexi in exclusive talks to merge with Nordic rival Nets

FILE PHOTO: The logo of Italian payments group Nexi is pictured outside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro Garofalo

MILAN (Reuters) – Italy’s biggest payments group Nexi NEXII.MI said on Monday it had agreed a 10-day period for exclusive discussions with Nordic rival Nets over a possible merger.

A deal would see Nets merged into Nexi in an all-share transaction based on the same 2020 core profit multiples for both groups, Nexi said in a statement.

The announcement follows the agreement Nexi reached only a month ago to merge with smaller domestic rival SIA. Nexi said it remained fully committed to completing the tie-up with SIA based on the terms and timetable already announced.

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.

Reporting by Elisa Anzolin; editing by Valentina Za


More from: | Category: M&A News