Nexi to Buy SIA in Stock Deal to Create European Payment Giant
- Combined company will be one of top 10 on Italian stock market
- Nexi also said to make bid for Danish payments company Nets
The Nexi SpA headquarters in Milan, Italy.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Italy’s Nexi SpA agreed to buy SIA SpA to create one of Europe’s biggest payment providers, adding to the wave of consolidation sweeping the continent’s financial services industry.
The all-share deal values closely-held SIA at 4.56 billion euros ($5.3 billion) and gives Nexi a 70% stake in the combination. It catapults the joint company into the nation’s top 10 publicly traded businesses, with annual revenue of about 1.8 billion euros and a market value of more than 15 billion euros.