Intesa Sanpaolo and Nexi strategic agreement received all authorisations from the competent authorities

Intesa Sanpaolo and Nexi strategic agreement received all authorisations from the competent authorities

(PRESS RELEASE) TURIN/ MILAN, 30-Jun-2020 — /EuropaWire/ — Italian banking group Intesa Sanpaolo has announced that its strategic agreement related to payment systems with Nexi, an Italian bank that specialises in payment systems, has just been finalised with all the necessary authorisations from the competent authorities already obtained. The agreement, which was publicly announced on 19 December 2019 includes:

• the transfer to Nexi of the Intesa Sanpaolo business line consisting of the acquiring activities currently carried out for over 380,000 points of sale. Intesa Sanpaolo will retain the sale force dedicated to acquiring new customers.
• a long-term partnership, with Nexi to become the sole partner of Intesa Sanpaolo in the acquiring activities and the latter to distribute the acquiring services provided by Nexi while maintaining the existing relationship with its customers.

The business line was transferred through contribution to a Nexi subsidiary. Intesa Sanpaolo sold the shares received from the contribution to Nexi and used part of the consideration to purchase shares of Nexi from the latter’s reference shareholder, Mercury UK HoldCo Limited, equal to a 9.9% shareholding of Intesa Sanpaolo in the share capital of Nexi.

The finalisation of the transaction generates a net capital gain of around €1.1 billion for the Intesa Sanpaolo Group’s consolidated income statement in the second quarter of 2020. This figure has been calculated including the effect attributable to the difference between the purchase price of the 9.9% of the Nexi share capital and the corresponding value resulting from the stock exchange price of the Nexi shares.

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SOURCE: Intesa Sanpaolo