The boards of directors of Enel and Intesa Sanpaolo have given green light to the acquisition of Mooney, the former Sisal Pay, a payment company born from a spin-off of Sisal. The news was revealed on December 23 by Sun 24 Hours on the same day it was made official the sale of Sisal from private equity CVC Capital to the Irish holding Flutter Entertainment for 1,9 billion euros, and confirmed the following day by the two companies.
Based on the forecast, the group led by Francesco Starace, through Enel X, will monitor 50% Mooney. The other 50% will instead go to Intesa Sanpaolo, which already today controls 30 percent of the company through Banca 5. The CVC Capital group, on the other hand, will completely exit the structure, monetizing the investment. According to the Sun, Mooney would be valued at 1,385 billion euros, a figure that provides for recognition to the closing by Enel X of a consideration between 334 million euros and 361 million euros; consisting of 220 million euros for the part of equity and a variable component linked to a price adjustment mechanism al closing. At the same time Intesa Sanpaolo will pay the closing a consideration between 88 million euros and 94 million euros; made up in turn of 88 million euros for theequity, to which is added a variable component linked to a price adjustment mechanism al closing.
Mooney is present today in 46 establishments in Italy and manages 200 million transactions. Thanks to this transaction, Enel will therefore have the opportunity to strengthen its presence in the payments business after the launch of Enel-X Pay. In 2020 Mooney recorded revenues of approximately 153 million euros and an EBITDA of approximately 82 million euros. Net revenues saw a compound annual growth rate of approximately 17% in the period 2019-2021, while EBITDA was characterized by a CAGR of approximately 9% in the same period. Through the participation in MyCicero, Mooney manages a digital platform that provides mobility services (parking and intermodal transport) to over 2 million customers.
Following the closing, all of Enel X's financial services business in Italy, marketed under the Enel X Pay brand, will be sold to Mooney. In particular, "Enel X will sell to Mooney, for a consideration of 140 million euros, the entire share capital of Enel X Financial Services, CityPoste Payment and Paytipper (subject to exercise by Enel X of the option call document to increase its stake in the latter company from its current 55% stake). This way, one will be created fintech joint European Union, with an already solid customer base,” Enel said in a statement.
“This acquisition represents a good growth opportunity for us in the fintech segment that combines well with the new industrial vision of the Enel Group, considering that digital payments are increasingly used for electricity bills and advanced services that go beyond the mere supply of electricity, such as electric mobility,” he commented Starace, adding that “With digital payments we can meet customers' needs for flexibility and easy-to-use tools, in line with our customer-centric approach. We are thrilled to collaborate with our new partner, Intesa Sanpaolo, with the aim of offering an ever wider range of services and continuing to meet the growing needs of our customers even more effectively".
Charles Messina, Chief Executive Officer of Intesa Sanpaolo, commented: “Mooney is a fundamental component for the development of our advanced digital strategy, which will be one of the pillars of the next business plan, aimed at our retail customers who strongly appreciate proximity and flexibility. As a Group, we will benefit from the innovative capabilities and growth potential of a European fintech, while reducing costs related to a service dedicated to those customers who least need to visit our branches. Thanks to the partnership with Enel, a leading company recognized internationally, Mooney will also allow us to acquire new customers and expand the digital service model internationally".
Giampiero Mazza, Managing Partner of CVC, said: “Mooney has come a long way since our acquisition of Sisal in 2016. We are proud that our strategy has found its definitive validation in the acquisition by Intesa Sanpaolo and Enel. We want to thank the management team led by Emilio Petrone for leading the evolution from a captive B2B partner to the proximity channel to an omni-channel B2B and independent B2C payment platform. We also want to thank Stefano Barrese of Intesa Sanpaolo for embracing our vision in creating Mooney. Intesa Sanpaolo and Enel are the perfect partners for Mooney and its customers, able to provide both the continuity and the infrastructure to continue to grow the company's services and size in the future.”
(Last update: 15 pm on 30 December).
