La National Interbank Network (Rni), a crucial infrastructure for the Italian financial system, is once again at the center of new speculation. According to various rumors, Cassa Depositi e Prestiti (Cdp), already a shareholder of nexi with a share of 14,5%, it would be evaluating the purchase of the network. The Rni, which covers approximately 208.000 kilometers, connects credit institutions, Poste Italiane and the Bank of Italy and allows for the settlement of financial transactions.
If confirmed, the purchase would allow CDP, 83% owned by the Ministry of Economy, to bring back under public control a strategic infrastructure for the stability of the Italian economic system. Analysts estimate the transaction value between 350 and 400 million euros.
Boom on the stock market: Nexi gains over 4%
Rumours about CDP's interest immediately pushed the Nexi shares rise sharply on the stock exchange. Shares gain more than 4%. Investors seem to like the potential positive impact of the operation on the company's accounts.
Analysts believe that the sale of Rni would strengthen Nexi's financial position, reducing debt and increasing the ability to remunerate shareholders. Furthermore, the operation would allow Nexi to focus more on the areas with higher growth potential, while increasing the ability to reward shareholders with future buyback plans.
Why CDP's interest is important
The National Interbank Network is part of the Digital banking solutions division (Dbs) of Nexi, which in 2023 generated 383 million euros in revenues (11% of the total) and an Ebitda of 151 million (9% of the total).
Cdp knows Rni well, having participated in the past in Sia, the company that developed this network before merging with Nexi. Currently, Cdp is the second largest shareholder of Nexi, preceded only by the US fund Hellman & Friedman (21,2%). It is followed by Poste Italiane (3,8%) and the funds Bain, Advent and Clessidra, with a total stake of 9,9%.
The precedents: negotiations with F2i fail
This is not the first time that Nexi has considered the sale of the interbank network. In recent months, negotiations had been started with the F2i infrastructure fund, but the deal fell through due to disagreements over the price and contractual clauses. At the time, the entire asset was valued at around 800 million euros.
This is not the first time that Nexi has considered selling Rni. In recent months, the group had started negotiations with the infrastructure fund F2i, but the negotiations were interrupted due to disagreements on the price and contractual clauses. At the time,
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