© Reuters. FILE PHOTO: The logo of Italian payments group Nexi is pictured inside their headquarters in Milan
MILAN (Reuters) – Italy’s biggest payments group Nexi (MI:) on Sunday struck its second merger deal in a six weeks, as it agreed to join forces with Danish rival Nets in a 7.8 billion euros (£6.98 billion) all-share tie-up to create a major European player.
In the latest sign of fast-paced consolidation in the payments industry, Nexi said the deal would create a group with pro-forma 2020 revenues of 2.9 billion euros and a core profit of 1.5 billion euros.
Under a binding accord the two companies have signed at the end of an exclusivity period, shareholders in Nets are set to receive 406.6 million newly-issued Nexi shares which will be subject to a lockup mechanism of up to 24 months post-closing.
The deal is expected to close in the second quarter of 2021, Nexi said in a statement.
The agreement with Nets follows a long-awaited deal Nexi announced in early October to buy Italian rival SIA for 4.6 billion euros in shares to create a domestic champion. ($1 = 0.8455 euros)
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