Italy’s Nexi has struck its second tie-up in six weeks, agreeing a €7.8 billion (US$9.2 billion) merger with Nordic rival Nets to create Europe’s largest payments group, reported Bloomberg.
Consolidation is sweeping through the fast-expanding payments industry and the all-share deal announced late on Sunday, November 15, follows Nexi’s long-awaited accord to buy domestic rival SIA for €4.6 billion (US$5.45 billion) in shares.
Nexi said the two transactions would create a group with pro-forma 2020 revenue of €2.9 billion(US$3.44 billion) and core profit of €1.5 billion (US$1.79 billion), the largest at a European payments business. Nexi-Nets-SIA would also surpass rival heavyweight Worldline-Ingenico for the number of payment cards managed and retail outlets served.
Annual integration benefits are estimated at €320 million(US$379.51 million), the companies said in a joint statement.
“We are creating a stronger Nexi … and a more resilient Nexi,” CEO Paolo Bertoluzzo told analysts on Monday, citing market and client diversification, scale and e-commerce exposure as key advantages.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI