The National Interbank Network (Rni) of nexi, a crucial infrastructure for the Italian financial system, is once again at the centre of interest for potential investors buyers and the stock price soars.
Late morning at Piazza Affari nexi gains 2,46% to 5,368 euros after a high this morning of 5,546, a new high since the beginning of the year. In the last 6 months the stock has lost 16,5%.
This time it's the one who comes forward the American investment fund TPG, according to rumors reported by the Corriere della Sera, with an offer of approximately 850 million for the entire Digital Banking Solutions division, which is the beating heart of the National Interbank Network to which other infrastructures for institutional customers are added.
The fund would be willing to involve Cassa Depositi e Prestiti in the proposal, already a shareholder of Nexi with a 14,5% stake, which had also already done an offering of his own last November estimated at 350/400 million. Precisely this willingness of the American fund to keep the door open to Cdp, 83% owned by the Ministry of Economy, could play into its hands because it would keep under public control a strategic infrastructure for the stability of the Italian economic system.
Currently, Cdp is the second largest shareholder of Nexi, preceded only by the US fund Hellman & Friedman (21,2%). It is followed by Poste Italiane (3,8%) and the funds Bain, Advent and Clessidra, with a total stake of 9,9%.
This is not the first time that Nexi has evaluated the sale of the interbank network which would give the possibility of reduce debt, increase the ability to remunerate shareholders with buyback plans, focus on areas with the highest growth potential, analysts say. Last year, negotiations had also begun with the infrastructure fund F2i, but the agreement fell through due to disagreements on the price and contractual clauses. At the time, the entire asset was valued at around 800 million euros.
In February Nexi, in submit 2024 accounts with a net profit growing by 4,1%, it had also announced the start of dividend distribution, allocating a total of (between dividends and buybacks) 600 million.
