Nexi, an Italian PayTech leader and SIA have signed a memorandum of understanding (MoU) regarding the integration of the two groups through the merger by incorporation of SIA into Nexi.
The entity resulting from the merger will remain listed on the MTA and will be the new Italian PayTech leader in Europe. The New Group will cover the entire value chain of digital payments serving all market segments with the most complete and innovative set of solutions: from digital payments acceptance services for small and large merchants, to more sophisticated omni-channel and e-commerce solutions.
The all-share deal would extend the pressure on Europe’s payments providers to consolidate further, increasing their size as online purchases intensify during the pandemic and as consumers move away from using physical cash.
Talks between the two companies intensified this year after French payments operator Worldline agreed to acquire Ingenico for €7.8 billion, to become the largest payment provider in Europe.
“This transaction will create a large Italian PayTech company leader in Europe, a great technological and digital excellence with scale and capabilities to play an increasingly leading role in Italy and at an international level in a market, like the European one, that sees strong consolidation trends,” says Paolo Bertoluzzo, CEO of Nexi.
“The new PayTech company, through its independent role and having CDP (Cassa Depositi e Prestiti) as anchor investor, will continue on its growth path as large Italian public company contributing, to an even greater extent, together with its partner Banks, to further accelerate the digital payments penetration in Italy and to the digitalization and modernization of the Country in favour of citizens, enterprises and Public Administration.
The combination of the best skills in technology and innovation of Nexi and SIA teams is a strength to even further develop more advanced solutions for all partner Banks and customers. I believe that Nexi and SIA people should be proud of this new leading player: a great opportunity for all.”
“The integration of important hi-tech groups such as SIA and Nexi, thanks to the fundamental role and support of CDP, will create one, large, Italian digital payments player, leader in Europe and boasting the highest levels of excellence for its know-how, people and capabilities of on a global level. This operation will contribute to accelerate our Country on the path of digitalization towards a cashless society,” concluded Nicola Cordone, CEO of SIA.
The post Italian heavyweights Nexi and SIA agree €15 billion merger appeared first on Payments Cards & Mobile.