Mercury UK Holdco Limited, majority shareholder of Istituto Centrale delle Banche Popolari Italiane, today signed a definitive agreement for the acquisition of Setefi Services e Intesa Sanpaolo Card by Intesa Sanpaolo for a value of one billion and 35 million euros.
Setefi Processing is the Italian processing platform of Intesa Sanpaolo, one of the leading banking groups in Europe and the leading Italian commercial bank. Intesa Sanpaolo Card, on the other hand, is the group's processing platform for Central-Eastern Europe and operates in nine countries, including Croatia, Slovenia, Hungary and Romania. Together, the two platforms support a comprehensive product portfolio encompassing a broad range of payment cards for Intesa Sanpaolo end customers.
According to Luca Bassi, Managing Director of Bain Capital Private Equity “This transaction is of strategic importance as it brings Italy's leading commercial bank to our client portfolio and gives us great capabilities to improve services and innovation for both ICBPI and of ISP Processing”.
The purchase transaction will be financed through a combination of debt and equity organized by the shareholders. Consultants for the transaction were Mediobanca as financial advisor. The transaction is subject only to customary regulatory approvals and closing is expected by the end of this year.
