Nexi S.p.A. signed a Memorandum of Understanding to acquire 51% stake Merchant acquiring business from Alpha Bank S.A. for approximately €190 million.

Nexi S.p.A. (BIT:NEXI) signed a Memorandum of Understanding to acquire 51% stake Merchant acquiring business from Alpha Bank S.A. for approximately €190 million on August 3, 2021. Nexi signed a definitive agreement to acquire 51% stake Merchant acquiring business from Alpha Bank S.A. on November 10, 2021. As per the transaction, Nexi S.p.A. will pay €157 million cash consideration reflecting an Enterprise Value (EV) of €307 million plus an earn-out up to €30.6 million (corresponding to an overall amount of €60 million for 100% EV), contingent on the achievement of certain financial targets of NewCo within its first four years of operations.

Nexi S.p.A. will finance the Transaction entirely through existing cash resources. The transaction is subject to Nexi S.p.A. and Alpha Bank S.A. agreeing upon and finalizing the long-form contractual documentation of the Transaction and obtaining all applicable corporate and regulatory approvals and consents and is expected to close in Q1 2022. Deutsche Bank AG, London Branch acted as financial advisor, Akin Gump Strauss Hauer & Feld LLP, M. Psylla - V. Vizas - G. Katrinakis Law Firm and Zepos & Yannopoulos Law Firm acted as legal advisor and PricewaterhouseCoopers Business Solutions SA is acting as technical and operational advisor to Alpha Bank.

Mediobanca Banca di Credito Finanziario S.p.A., HSBC Holdings plc and Axia Ventures Group Ltd. acted as financial advisors and Bonelli Erede Pappalardo Studio Legale, Koutalidis Law Firm and Legance - Avvocati Associati acted as legal advisors to Nexi S.p.A. NovitasFTCL advised on the deal.