Unique: Italian Funds Agency Nexi Leads Race For $10 Billion Nets Takeover

News18 Logo

LONDON/NEW YORK: Italian funds expertise agency Nexi is main negotiations to purchase Nordic rival Nets in an all-stock deal value about $10 billion after trumping competitors from U.S. agency International Funds, 4 sources informed Reuters.

The deal would rework Nexi, which has a market worth of 8.4 billion euros ($9.93 billion), right into a European funds powerhouse, permitting it to construct a footprint in key areas such because the Nordics and Central and Jap Europe.

U.S. non-public fairness agency Hellman & Friedman, which took management of Nets in 2017 and subsequently delisted it from the Copenhagen inventory alternate, is working with Credit score Suisse on the sale and needs to clinch a deal by the tip of the 12 months, two of the sources mentioned, talking on situation of anonymity because the matter is confidential.

The sources mentioned Nexi, suggested by Centerview Companions, was ready for market volatility to ease in November after the U.S. presidential election earlier than getting into a binding settlement with Nets.

They added that any takeover of Nets wouldn’t endanger Nexi’s ongoing merger with Italian rival SIA – a deal introduced on Oct. 5 and anticipated to shut by the summer time of 2021.

International Funds dropped out of the method after the sale of its $2 billion Netspend unit was pulled earlier this week, two of the sources mentioned.

Nexi, Hellman & Friedman and International Funds declined to remark whereas Nets was not instantly out there.

($1 = 0.8461 euros)

Disclaimer: This submit has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor