Spain's Banco Sabadell has sold an 80% stake in its payments unit Paycomet to Nexi for €280 million and inked a 10-year exclusive distribution deal with the Italian firm.
Nexi will pay an upfront cash consideration of €280 million, reflecting an enterprise value of €350 million for the entire capital of the asset. The bank will retain a 20% stake for at least three years.
The exclusive distribution agreement has an initial term of 10 years, with two potential renewals of an additional five years each.
The deal gives Nexi a strong position in Spain, the fourth largest economy in the euro area. The Italian firm gains over 380k merchants and approximately €48 billion of transaction volumes as of December 2022. The merchant acquiring business is expected to generate an Ebitda of around €30 million.
Paolo Bertoluzzo, CEO, Nexi, says: "With this partnership, we enter Spain from a strong position, a market that we have always considered highly attractive for digital payments with great potential for further profitable and sustainable long-term growth, quite similar to Italy."
Carlos Ventura, GM, business banking and network, Banco Sabadell, adds: "This agreement brings economies of scale and greater cost efficiency to our value proposition, as well as higher quality technological solutions and specialisation, so that we can continue to improve our services for our customers."
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