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.
ALL RIGHTS RESERVED © Copyright ANSA
