Poste Italiane has reached an agreement for the purchase from FSI Investimenti (Cdp group) of 14,85% of Sia, a company specializing in payments and network services, for 278 million euros.
Poste and Cdp communicate this in a joint note, where it is specified that the transaction provides for Poste Italiane to acquire 30% of Fsia Investimenti, which in turn holds 49,5% of Sia, from FSI Investimenti.
FSI Investimenti, 77% controlled by Cdp Equity, will therefore remain with a 34,63% stake in Sia.
The transaction is based on an equity value of Sia of 2 billion euros.
“This agreement – commented Fabio Gallia, CEO of Cdp – represents a concrete step for the development of an industrial and strategic partnership between Poste and SIA. It will allow the creation of value for both companies in line with their respective business plans and will allow SIA to continue the growth process undertaken in recent years. Thanks to this deal, the Cdp Group optimizes its investment in SIA”. The operation “is consistent with the priorities defined in our Business Plan – added the CEO of Poste Francesco Caio – and accelerates our growth in the sector of digitization of payments and transactions, one of our cornerstones. Poste Italiane continues to execute the Plan presented to the markets and demonstrates dynamism in both organic growth and acquisitions.”
The operation has been placed under the scrutiny of analysts. Kepler Cheuvreux, Equita positively evaluate Poste's entry into Sia and estimate that it does not prelude the subsequent purchase of a minority stake, given the potential conflict of interest. Furthermore, the amount committed for entry into SIA is not deemed such as to prevent Poste from carrying out the Pioneer operation. The title Post Office, at 12, it bucked the stock market trend with +0,73% at 6,175 euros.
