The Nexi dossier is tempting for many. While in recent days interest had emerged by the CVC fund, another 3-4 funds are considering bidding for the payments company. Furthermore, the astral conjunction is favourable: a fragmented shareholding and the gap between good economic results and a disappointing stock market performance, at least until a couple of days ago, when the stock started to fly precisely on rumors of interest from funds specialized in the purchase of listed companies. The size of the operation, between market capitalization and debt, is around 15 billion.
This morning the title a Business Square share 6,57 euros, up 1,64%, but in the last 5 days it has gained 16,24%. However, Nexi shares have lost 27% in a year. We are far from the 9 euros at which the group led by Paolo Bertoluzzo was listed in 2019 and very far from the peak of 19 euros reached in July 2021.
The Canadian Brookfield, often CVC's rival on international markets, appears
Among the names of interesting funds, in addition to CVC, there is that of Canadian giant Brookfield, according to Corriere, often on international markets competing with CVC. The Canadian had won the last match, in the race with the British for the purchase of Network International, a UK player, took home with an outlay of 2,2 billion pounds and with a premium of 64% compared to the stock market price before the offer.
Who among the members is interested in selling?
CVC at the moment seems to be serious, as demonstrated by the task already entrusted by British private equity to investment banks to study the operation. However, the price factor will be on the table for everyone. In the shareholders' register there are three funds, Bain, Advente Hourglass, who probably expect an adequate premium from a possible sale, given that they have profited from the investment. However, it is difficult to find a proposal that can satisfy the expectations of the member with the largest share, 20%, Hellman & Friedman. American private equity had entered Nexi at the time of the merger with the Danish Nets and at that time the stock was trading at double the current prices. The hypothesis is that he will therefore prefer to remain in the capital even after the possible takeover bid.
Will CDP be willing to digest the stew?
Then we need to understand what they want to do Cassa Depositi e Prestiti, second shareholder of Nexi with 13,6%, but above all its controlling shareholder, namely the government Italian. If the issue is national security, the imminent passage of the interbank network from Nexi al Italian fund F2i It should ease your worries. So the government should be able to give approval for private equity more easily. But it must also be said that CDP and the government were the main architects and sponsors of the creation of a payments hub internal to Nexi. So we need to see if they will be able to digest a stew like this now.
