Italian state investor CDP Equity plans to raise its stake in payments group Nexi to as much as 29.9%, it said on Monday, bolstering a player in a sector viewed as increasingly strategic.
CDP Equity, which currently owns 19.14% of Nexi, ruled out launching a full takeover bid. It said it would enter derivative contracts covering 8% of Nexi’s capital once it secures the necessary authorisations. It could buy more Nexi shares directly, it added.
Nexi is Europe’s biggest payments group by volume of transactions. Its share price has plunged from post-pandemic highs, as investors reassessed prospects for a sector where rapid technological evolution threatens incumbents such as Nexi which traditionally partnered with banks.
Nexi has repeatedly drawn private equity interest over the years, the latest earlier this month from CVC Capital Partners.
CDP Equity said increasing its stake would make Nexi’s shareholder base more stable.
“CDP Equity believes in a strong industrial and innovative evolution for Nexi,” it said in a statement. It added that with 1.8 trillion euros worth of digital transactions processed across 25 countries, Nexi could play a leading role supporting Europe’s development of digital money.
(Reporting by Giuseppe Fonte and Valentina Za)
