Italian payment technology service providers Nexi and Sia have reached an agreement to create what will be one of Europe’s largest fintech groups following a meeting of their respective boards. After nearly two years of negotiations, the all-share deal will see Nexi receive 70 percent of the merged company and Sia around 30 percent, said the partners, adding that the new group will have a market valuation of around EUR 15 billion based on current prices.
State lender Cassa Depositi e Prestiti (CDP) will become the group’s single largest investor with just over 25 percent of the merged entity, followed by private equity vehicle Mercury UK with 23 percent, said Milan-based Nexi and Sia in a joint statement, adding that the new company will have proforma aggregated revenues of EUR 1.8 billion and adjusted EBITDA of EUR 1.0 billion at 31 December 2019.
