The title nexi , after many failed attempts to make a price and suspended from the start of trading due to excessive upside, around 10 this morning it finally showed a price: an increase of over 18% to 6,81 euros. The surge comes from rumors about a possible offer by the private equity firm CVC Capital Partners. Bloomberg wrote yesterday Tuesday 17 October that CVC was considering a potential offer, having put the Italian PayTech company led by Paolo Bertoluzzo on its radar for some time, sources familiar with the situation said.
Stock seen rising again during the day
Nexi's shares have fallen by 22% since the beginning of the year on Piazza Affari, giving it a market value of 7,6 billion euros, 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. Expectations are for a continuation of the day in a positive sense with resistance seen in the 6,883 area and subsequently at 7,091. Support at 6,675.
The company has grown rapidly through a series of acquisitions in recent years to become one of the biggest players in the European payments industry, but also racking up debt that is alarming investors. According to media reports, CVC has been working on the dossier for some time and could take advantage of the low prices of the Nexi stock. Performance is affected by both sectoral issues such as the deflation of the tech bubble and specific corporate issues such as the high level of debt which at the end of the third quarter stood at 5,4 billion, equal to 3,2 times the ebitda.
The listing project
At the same time, the English fund is also working on the process quotation of the company which, according to rumors circulating again on Tuesday 17th, could take place in November in Amsterdam. A precise timing has not yet been set and the announcement could only take place next week, explains Reuters. The company's latest valuation is from 2021 and is around $15 billion.
The role of Nexi's shareholders, including CDP
It can be complicated for the fund to formulate an offer capable of satisfying the return expectations of the investors Nexi shareholders. Others appear in the group's capital private equity — Hellman & Friedman, Advent and Bain — also focused on maximizing returns on their investments. In the shareholders' register it then appears with 13,6% Cassa Depositi e Prestiti which, together with the government's golden power, represents a strong safeguard to guarantee the Italian nature of the payments hub, which CVC and its head in Italy, Giampiero Mazza, or other possible suitors will have to take into account.
Update at 1240
Nexi is one of the many dossiers under observation, but there have been no contacts with the company, nor is any offer being prepared. Sources close to CVC said this late in the morning, as reported by Sole24ore. The Nexi stock on Piazza Affari remains on the rise, but below the morning highs.
