La sale of Mooney is in the final stages. The former SisalPay, a payment company controlled 30% by Intesa Sanpaolo and 70% by the international private equity firm CVC (which took over from Sisal) is on the table in the final negotiations for the sale of the company. Intesa Sanpaolo e Enel they would have finalized an operation to each control 50% of Mooney, defining the definitive exit of private equity from the payment company. The definitive exit of Cmc will allow the Fund to monetize its investment which took place in 2019. The BoD of the Milanese bank is scheduled for December 21st while that of the electric giant is yet to be defined, but should be held on the same days.
For Enel it is an opportunity to strengthen its own fintech business, after the launch of the Enel X Pay payment platform, and enter a very competitive market. Enel manages over 30 million bills every two months and has every interest in strengthening its financial services to its customers. The energy multinational's interest in Mooney had already circulated in recent months. During the presentation of the strategic plan at the end of November, Enel's CEO, Francesco Starace, clarified that the group was ready to seize the opportunities offered by the market, without however providing dates or details on the operation.
For Intesa Sanpaolo, on the other hand, it is a question of strengthening its growth in this world, where through the subsidiary Banca 5 it already holds 30% of the former Sisal.
An operation that could stand out as one of the most significant of the current year and which puts aside the possible landing on the stock market expected for spring 2022. At the beginning, Mooney had thought of an IPO process with Morgan Stanley, Goldman and Intesa Sanpaolo - Banca Imi. At the time market valuations, not confirmed by those directly involved, indicated a value close to 1,5 billion euro. However, the sale of the company it had become the target of some private equity firms, such as Searchlight Capital and Kkr, but also other groups such as Telepass, which however then backed down. In the end, Enel came forward by putting a convincing offer on the table, by virtue of the strategic project shared with Intesa which plans to create synergies with the Mooney network which has a strong presence in the area: over 45 businesses located throughout the country, between large cities and small towns.
