In the wake of the rumors relating to the ongoing negotiations with Intesa Sanpaolo, the Nexi stock at the start of the day in Piazza Affari is shot up by +3,42% at 9,69 euros, close to the highs reached on 22 October when the share had exceeded 9,8 euros.
The purchases would be driven by the rumors of the Messaggero according to which Intesa Sanpaolo, starting at -0,66% at 2,33 euros, would be evaluating astrategic alliance with Nexi which would include the transfer of the bank's acquiring business branch, i.e. the service that allows merchants to accept customer payments.
Nexi confirms "that preliminary contacts have been initiated in recent days to evaluate possible operations aimed at extending the existing partnership between Nexi and Intesa SanPaolo". In fact, it would not be the first collaboration between the bank and Nexi, given that the latter in 2016 had already acquired the technical processing business unit from Intesa Sanpaolo for a value of 1 billion, while the acquiring business remained in head to the financial institution. “These are entirely preliminary contacts – continues Nexi in the official note – and no project has been defined, neither of an industrial nature nor of a financial nature that contemplates values. In any case, any hypothetical operation can only be consistent with Nexi's mission to be the Paytech - independent partner - of the entire Italian banking system".
The preliminary valuation of the operation falls within a range of between 3 and 4 billion euro. The deal would make Intesa Sanpaolo Nexi's second largest shareholder with a 30%-40% stake behind private equity funds Bain, Advent and Clessidra which now hold 60%. In the event of a valuation of 3 billion, Equita analysts point out, Intesa Sanpaolo would have 34% of Nexi and the funds would fall to 40%: Intesa would not be obliged to launch a takeover bid on Nexi. 'We believe that from an industrial point of view the operation would make sense for Nexi as the payments business is of scale and important synergies would be generated, while from a financial point of view it is not possible at the moment to make an assessment as the Intesa Sanpaolo acquiring are not known', commented the analysts of Equita.
However, Nexi explains in the note that the news according to which the hypothetical transaction could contemplate a shareholding in Nexi's capital equal to 30-40% is "completely groundless".
From Intesa Sanpaolo, Carlo Messina informs that “they have been started preliminary contacts between the bank and Nexi aimed at examining any operations aimed at strengthening the commercial partnership already in place between the parties. Such possible transactions would not constitute obligations for Intesa Sanpaolo to promote a takeover bid”.
