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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group AG    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Exclusive: Italian payments firm Nexi leads race for $10 billion Nets takeover - sources

10/30/2020 | 10:36pm EST
FILE PHOTO: The logo of Italian payments group Nexi is pictured outside their headquarters in Milan

LONDON/NEW YORK (Reuters) - Italian payments technology firm Nexi is leading negotiations to buy Nordic rival Nets in an all-stock deal worth about $10 billion after trumping competition from U.S. firm Global Payments, four sources told Reuters.

The deal would transform Nexi, which has a market value of 8.4 billion euros ($9.93 billion), into a European payments powerhouse, allowing it to build a footprint in key regions such as the Nordics and Central and Eastern Europe.

U.S. private equity firm Hellman & Friedman, which took control of Nets in 2017 and subsequently delisted it from the Copenhagen stock exchange, is working with Credit Suisse on the sale and wants to clinch a deal by the end of the year, two of the sources said, speaking on condition of anonymity as the matter is confidential.

The sources said Nexi, advised by Centerview Partners, was waiting for market volatility to ease in November after the U.S. presidential election before entering a binding agreement with Nets.

They added that any takeover of Nets wouldn't endanger Nexi's ongoing merger with Italian rival SIA - a deal announced on Oct. 5 and expected to close by the summer of 2021.

Global Payments dropped out of the process after the sale of its $2 billion Netspend unit was pulled earlier this week, two of the sources said.

Nexi, Hellman & Friedman and Global Payments declined to comment while Nets was not immediately available.

($1 = 0.8461 euros)

(Reporting by Pamela Barbaglia in London and David French in New York, additional reporting by Elisa Anzolin in Milan; Editing by Kirsten Donovan)

By Pamela Barbaglia and David French


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 1.39% 11.64 Delayed Quote.-12.40%
NEXI S.P.A -1.61% 15.545 Delayed Quote.27.63%
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Financials
Sales 2020 22 027 M 24 400 M 24 400 M
Net income 2020 3 323 M 3 681 M 3 681 M
Net Debt 2020 - - -
P/E ratio 2020 8,52x
Yield 2020 2,56%
Capitalization 27 802 M 30 678 M 30 797 M
Capi. / Sales 2020 1,26x
Capi. / Sales 2021 1,28x
Nbr of Employees 48 800
Free-Float 95,3%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 12,24 CHF
Last Close Price 11,48 CHF
Spread / Highest target 46,3%
Spread / Average Target 6,63%
Spread / Lowest Target -37,7%
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Managers
NameTitle
Thomas Gottstein Chief Executive Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
David Richard Mathers Chief Financial Officer
John Ivan Tiner Independent Non-Executive Director
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