Background on Key Players
Nexi, an Italian payment group, and Sabadell, a Spanish bank, were previously in discussions regarding the sale of Sabadell’s retail payments unit, Paycomet. In February 2023, Sabadell agreed to sell Paycomet to Nexi for up to €350 million ($370 million). The initial plan was for Nexi to acquire 80% of Paycomet for €280 million, while Sabadell would retain a 20% stake for at least three years. The agreement also included a 10-year partnership with the Italian payments company.
Current Situation
On Wednesday, Nexi’s CEO, Paolo Bertoluzzo, informed analysts that there is no longer any commitment or obligation for Nexi to purchase Paycomet. However, he expressed openness to discussing a potential future collaboration under different conditions.
Impact of the Change
The shift in Nexi’s stance comes after Sabadell postponed the completion of the sale following its involvement in a hostile takeover attempt by BBVA, which failed last month. This development effectively ended an 18-month battle.
Sabadell’s Response
Sabadell declined to comment on the recent developments.
Key Questions and Answers
- What was the initial agreement between Nexi and Sabadell? Nexi agreed to purchase 80% of Paycomet from Sabadell for €280 million, with Sabadell retaining a 20% stake for at least three years. The deal also included a 10-year partnership with Nexi.
- Why did Sabadell postpone the sale of Paycomet? Sabadell delayed the sale due to its involvement in a hostile takeover attempt by BBVA, which ultimately failed.
- What has changed in Nexi’s position regarding Paycomet? Nexi no longer has any commitment or obligation to purchase Paycomet, though they remain open to discussing a future collaboration under different terms.
- How has Sabadell responded to these changes? Sabadell declined to comment on the recent developments.
