FinTech: Italian Paytech Nexi Buys 80% Of Banco Sabadell’s Merchant Acquiring Business For €280M

Nexi and Sabadell describe the deal as a long-term strategic partnership.
Italian paytech company Nexi (BIT: NEXI) has acquired an 80% stake in the merchant acquiring business of Banco Sabadell (BME: SAB), the second-largest merchant acquirer in Spain, for €280 million. The transaction reflects an Enterprise Value of 350 €M for 100%. The business is expected to generate an EBITDA of around 30 €M based on 2023 figures, resulting in an implied EV/EBITDA 2023E of ~11.5x.
The deal will provide the acquirer with access to over 380,000 merchants and €48bn in transaction volumes, as well as a strategic partnership with Sabadell in Spain, which will become the exclusive distributor of Nexi’s solutions in the country. (MarketScreener)
The deal is expected to close in Q4 2023.
Nexi CEO Paolo Bertoluzzo said the partnership would enable his company to be “deeply entrenched in the market with a partner that fully shares our ambition to accelerate the development of Spanish digital payments further through product and commercial innovation”.
The acquisition is seen as a positive step for the Milan-based payments fintech as it expands into the Spanish market, given that Spain is the fourth largest Eurozone economy and possesses a sizable payments market with high consumer spending power. However, its card penetration rate is just 38%.
Related Story: Fintech Collaborations In The News

Latest Alternative Investment News

Digital Assets: Ledger, Maker Of Crypto Security Hardware, Raises Nearly All Of $100M Series C Round
Paris-based startup Ledger, which makes hardware wallets for cryptocurrency investors, has raised €100m ($109m) in funding, valuing the company at €1.3bn. The round was led by investors including Digital Finance…

FinTech: Cogo And Eliq Partner To Help Banking Customers Enhance The Energy Efficiency Of Their Homes
Cogo, a fintech which collaborates with banks to assist customers in decreasing their carbon footprint as a carbon footprint management firm, is partnering with Eliq, a company that specializes in…

Venture Capital: The LSP Dementia Fund Closes €260M (US$283M) To Address Dementia, One Of The Most Significant Health Crises Of Our Era
The LSP Dementia Fund has reached a final close at €260 million (US$ 283 million), surpassing its initial target of €100 million. The fund, which is managed by EQT Life…

Artificial Intelligence: The DAGGER AI Model Gives Advance Warning Of Dangerous Solar Storms
Researchers have developed an AI-based model that combines satellite data and machine learning to predict where an impending solar storm will strike on Earth, offering 30 minutes of advance warning….