(Alliance News) - CVC is revisiting the Nexi file and is considering, according to the Financial Times, a EUR9 billion offer including debt, with the aim of delisting the company from Borsa Italiana.
The British private equity firm's plan, as reported by Corriere della Sera on Wednesday, would involve a break-up of the group, with the interbank network destined for Cassa Depositi e Prestiti (CDP) and the remaining operations under CVC's control for a turnaround.
CVC Capital Partners' interest is not new: the fund had already attempted an acquisition in 2015, only to be outbid by Bain Capital, Advent International, and Clessidra, and resurfaced in 2023 without formalizing an offer. This time, too, according to various sources, the outcome remains uncertain.
On the shareholder front, Hellman & Friedman, the largest stakeholder with 22%, would face difficulties in selling as the transaction would result in a loss relative to its carrying value. A more likely scenario would be participation in a potential delisting without exiting the capital.
The position of CDP, the second-largest shareholder with 19.1%, remains decisive. It appears unwilling to either sell its stake or support a delisting, preferring to support the company's growth as a listed entity. Indeed, the shareholders' agreement between CDP and Hellman & Friedman confirms a shared commitment to keeping Nexi on the exchange.
Meanwhile, Nexi shares have regained ground in recent weeks. Since the appointment of Bernardo Mingrone as CEO in late March, the stock has risen 26.5%, pushing its market capitalization back above EUR5 billion, though it remains far from its 2021 highs.
By Antonio Di Giorgio, Alliance News reporter
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