down the title of the pay tech – Corriere.it

Intesa Sanpaolo leaves the big digital payments Nexi after three years. The bank has started the sale of its 5.1% – equal to 67 million shares – with an accelerated bookbuilding reserved for qualified Italian and foreign institutional investors managed by its IMI division, BofA Securities and Jp Morgan as joint bookrunners. At the closing price of Nexi shares on Monday 14 November – 9.76 euros – if the entire sale were completed, Ca’ de Sass would receive 653,920,000 euros. The sum is in line with the amount disbursed by the bank to join Nexi in 2019. It should be kept in mind that accelerated bookbuilding is a practice that provides for a discount on the package, nevertheless Nexi appreciated in Piazza Affari last week and for Intesa it represents a good time to sell. The sale in question has no impact on the long-term strategic partnership with Nexi, recently extended outside the national perimeter, informs the group led by Carlo Messina in a note. The 2019 agreement provided for the sale of the acquiring business unit (the business that connects the merchant to the digital payment system, 380,000 points of sale) by Intesa Sanpaolo to a subsidiary of Nexi for one billion euros.

The numbers

Intesa Sanpaolo in turn had sold the shares received against the contribution to Nexi and had then bought the latter’s shares for 653 million euro, equal to 9.9% of the share capital. That percentage was then diluted also by virtue of the integration with Sia. Intesa thus leaves the parterre of important partners in the paytech led by Paolo Bertoluzzo: Poste, Cassa Depositi e Prestiti, Gic, H&F. Nexi closed the third quarter of the year with revenues of 858.9 million, an increase of 7.1% compared to the same period of 2021, bringing the figure for the first nine months to 2.38 billion (+8.2%) . Ebitda amounted to 463.1 million in the quarter (+12%) and 1.161 billion in the nine months (+16.5%), with an ebitda margin growing by around 4 percentage points. Intesa instead closed the first 9 months of 2022 with net profits at 4.37 billion euros (+9% compared to 4.01 billion in the first nine months of 2021) excluding 1.3 billion of adjustments for Russia and Ukraine