Nexi, Sia merge to create European digital pay giant

(ANSA) - ROME, OCT 5 - Italian companies Nexi and Sia on Monday announced they were merging to create Europe's biggest digital payment company.
    The two companies' boards have approved a memorandum of understanding on the merger, sources said.
    It will create a group worth some 15 billion euros, in sixth spot among companies listed on the Milan bourse behind giants like Enel, Intesa, FCA and Eni, with Unicredit just a small amount ahead..
    The head of government bank Cassa Depositi e Prestiti (CDP), which has a stake in Nexi, voiced satisfaction at the deal.
    CDP President Fabrizio Palermo called the planned merger "an opportunity for consolidation and growth at an international level".
    He said "we must safeguard this strategic asset".
    The deal is expected to be signed by the end of the year.
    Economy Minister Roberto Gualtieri said the merger "will contribute to the digital transition in a decisive ambit like that of electronic payments, guaranteeing more speed, security and transparency for large and small firms, banking institutes, the public administration and citizens, in harmony with the Italian government's commitment to incentivising the transition to cashless payments." The government aims to boost payments by credit card only in a bid to cut tax evasion. (ANSA).