Mercury UK Holdco, vehicle of the private equity funds Bain Capital, Advent and Clessidra as well as reference shareholder of Nexi, has completed the sale of 8,8 per cent to institutional funds, a percentage corresponding to 55 million shares, of the payment company.
The operation had been in the air since yesterday and was confirmed shortly before the opening of the markets. The sale, carried out through an accelerated bookbuilding procedure, took place at a price of 14,20 euros per share, for a total value of 780 million euro. The figure represents a discount of 7,2% compared to the closing price of Nexi at Piazza Affari on May 26 (15,3 euros).
After the sale, Mercury UK still holds 43,4% of Nexi's capital and according to the agreements with Barclays, Goldman Sachs and HSBC as well as Banca IMI and Unicredit – i.e. the 4 placement banks – he will not be able to sell further shares for the next 90 days.
We also recall that on December 19 Nexi tightened an agreement with Intesa Sanpaolo for the transfer of the acquiring branch of Intesa. As part of the same transaction, the bank led by Carlo Messina is expected to purchase Nexi shares from Mercury UK HoldCo for an amount of 653 million euro, equal to a stake of Intesa Sanpaolo in the share capital of Nexi of 9,9%. On balance therefore, the UK vehicle in the hands of Bain Capital, Advent and Clessidra will further reduce its stake.
On the Stock Exchange, the Nexi stock failed to gain price in the opening minutes, marking a theoretical drop of 6%. Once you enter the bargain the shares immediately placed at the bottom of the Ftse Mib e at 10.30 they lost 6,7% at 14,275 euros per share, a price close to the sale price established by Mercury.
