After months of rumors, it is confirmation has arrived. Nexi has received a binding offer from the American fund TPG (Texas Pacific Group) for theacquisition of its Digital Banking Solutions division (DBS), which also includes the national interbank network. The first to report the news was Bloomberg, citing sources close to the dossier, and the Milanese company later confirmed it and a official note released in the afternoon.
In the press release, Nexi specifies that it has received from Tpg "aoffer subject to various conditions for the purchase of assets part of the Digital Banking Solutions business unit”, adding that the board of directors has reserved any decision on the matter.
TPG: offer worth approximately one billion euros
Secondo Bloomberg, the offer placed on the table from TPG amounts to approximately 1 billion euro and represents the evolution of a negotiation that began at the beginning of the year. In March, in fact, the Texan fund, specialized in private equity and listed on the Nasdaq, had presented a preliminary proposal of approximately 850 million, then revised upwards after months of negotiations.
The new plan was reportedly presented to Nexi's board of directors earlier this week, with a mid-December deadline to decide whether to proceed with the transaction.
Who is Tpg?
Tpg, acronym for Texas Pacific Group, is one of the major US private equity firms, headquartered in Fort Worth, Texas, with a global presence spanning the United States, Asia, and Europe. Founded in 1992, it manages tens of billions of dollars in assets and operates in a variety of sectors, from consumer goods to technology, healthcare, and financial services. Listed on the Nasdaq since 2022, TPG ranked sixth in 2023 on Private Equity International's PEI 300, which ranks the world's largest private equity firms.
The reasons for a complex operation
TPG's offer is part of a rationalization strategy pursued by the CEO Paul Bertoluzzo, who in recent years has led Nexi through a series of acquisitions, including that of Nordic company Nets in 2020, to strengthen the group as a European leader in digital payments.
But today the the sector is experiencing a phase of strong competitive pressureMargins are thinning, volumes are growing but not enough to offset rising costs, and competition is becoming increasingly fierce. In this context, the Nexi's capitalization has decreased by approximately 70% over the last five years, a sign of a market awaiting a change of pace. The sale of part of the digital banking business would therefore represent an opportunity to reduce debt, simplify the group's structure, and focus on the most profitable and growth-potential segments.
But it's not just Nexi that's suffering. Even the French WorldlineIts main competitor, , is facing similar difficulties: it has announced its intention to raise 500 million euros in new shares to support a recovery plan and regain investor confidence after years of turbulence.
Precedents and obstacles
It is not the first time that Nexi attempts to enhance the Digital Banking Solutions division. In 2023, the group had negotiated with the fF2i infrastructure fund a possible sale for approximately 800 million euros, which then fell through due to disagreements on the price.
Discussions with Tpg are not without obstacles. There are overcome the resistance of some shareholders, including Cassa Depositi e Prestiti (Cdp) – owner of approximately 14,5% of the capital – worried about the fate of the interbank network, considered a critical infrastructure for the Italian financial system.
According to reports from Bloomberg, even one part of the government would have expressed caution, considering the platform "of national relevance". This is a judgment that weighs on the negotiating table, because the shadow of the golden power It remains in the background, ready to intervene in the event of a change of control of strategic assets.
But in the meantime the market applauds
The news of Tpg's offer has immediately investor interest rekindledAt Piazza Affari, Nexi shares jumped as much as 3,7%, nearly touching the €4 mark during the session. The stock, coming off a difficult few days, after the publication of the accounts, is now heading towards a close around 4,01 euros (+0,58%), a sign that the market is looking favorably on the prospect of a possible strategic turning point for the digital payments group.
