TPG makes $1.16bn bid for Nexi’s digital banking solutions unit

TPG has submitted a binding connection of astir €1bn ($1.16bn) for the integer banking solutions part of Italian payments exertion (PayTech) institution Nexi.

The US-based alternate plus manager’s bid comes aft respective months of negotiations, reported Bloomberg, citing sources.

Nexi’s committee was notified astir the connection earlier successful the week, and the institution has until mid-December to find whether to proceed with the transaction.

The PayTech institution confirmed it had received an connection from TPG concerning definite assets wrong its integer banking solutions unit.

Nexi, successful a statement, said: “With notation to today’s media reports, the Company clarifies that it has received from TPG an connection taxable to respective conditions for the acquisition of definite assets belonging to the Digital Banking Solutions concern unit.

“The Board has reserved its close to marque immoderate assessment.”

This connection follows earlier discussions betwixt Nexi and TPG, which began with a preliminary bid of astir €800m ($925m) successful March this year.

Last year, Nexi besides explored a imaginable €800m woody with Italian concern money F2i, which did not materialise.

Negotiations with TPG slowed successful caller months owed to absorption from immoderate shareholders and concerns astir the concern unit’s strategical importance.

Nexi, based successful Milan and listed connected Euronext Milan, has expanded done a bid of acquisitions, including the 2020 acquisition of Nordic payments institution Nets.

The payments assemblage faces accrued unit connected nett margins, with Nexi’s marketplace worth declining by astir 75% implicit the past 4 years, the study said.

Recently, Nexi teamed up with Visa and Mastercard to integrate their wealth transportation platforms, Visa Direct and Mastercard Move, into its concern services.

This determination aims to assistance Italian businesses transportation funds straight to lawsuit outgo cards, making Nexi the archetypal supplier successful Italy to connection these services.

"TPG makes $1.16bn bid for Nexi’s integer banking solutions portion " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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