Italian companies Nexi and SIA merge to form €15bn European payment giant

By John Reynolds on Monday 5 October 2020

Digital Banking

Milan-based Nexi and SIA have joined together as they look to scale up their propositions and the new business will have around 2m merchants and 120m cards.

Italian companies Nexi and SIA merge to form €15bn European payment giant
Image source: Money/Pixabay.

A new European payment giant has been created by the merger of two Italian payment providers.

Milan-based Nexi and SIA have merged to form a new entity which will have a market value of €15bn (£13.6bn) and annual revenues of €1.8bn (£1.63bn).

The all-share deal has been billed as a merger and will see Nexi shareholders take 70 per cent of the company while SIA investors will take 30 per cent.

The deal, which follows more than a year in negotiations between the companies, comes as European payment providers look to scale up.

The deal follows that of France’s Worldline SA acquiring Ingenico Group SA in a €7.8bn (£7.1bn) deal in February.

The new business will have around 2m merchants and 120m cards.

SIA provides payments services for the banking sector and one of its biggest clients is UniCredit.

Paolo Bertoluzzo, CEO, Nexi, said: “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.”

Nicola Cordone, CEO, SIA, said: “Bringing together the strengths of two realities of excellence such as SIA and Nexi, we want to continue leading on innovation, with an even greater emphasis, offering infrastructures and forward-looking technological services, and affirm our leadership in Europe in a sector like e-payments that continues consolidating. 

Bertoluzzo will head up the group and Cordone will stay on until the deal is finalised, according to the companies.

According to the Financial Times, SIA’s main investor is the private equity arm of Cassa Depositi e Prestiti, Italy’s state-backed investor, which will become the group’s biggest investor with 25 per cent of the company.

Mercury UK, which owns 33.4 per cent of Nexi, will have its shareholding diluted.

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