The combined company is expected to offer a full portfolio of solutions across the payment ecosystem, with strengths in acquiring and e-commerce
Nexi has signed a merger deed with Nets to create a major European PayTech company with unique capabilities, distribution network, offerings and an overall market expanded four folds compared to Nexi alone.
The current merger deed follows the signing of a framework agreement by the companies to combine their businesses in an all-share merger in November last year.
The Italian PayTech firm has also signed a Memorandum of Understanding (MoU) for the business combination with SIA, which is not directly related to the current merger.
The two transactions are not directly related to each other but are expected to support the creation of a combined firm in Europe.
Upon closing, Nexi CEO Paolo Bertoluzzo will be appointed as the Group CEO, while Nets CEO Bo Nilsson will be as chairman of Nets and a non-executive member in Nexi Board.
The current Nets CFO Klaus Pedersen will be appointed as Nets CEO, reporting to Paolo Bertoluzzo, and Nets chairman Stefan Goetz as the Group’s non-executive board member.
Bertoluzzo said: “This is a key milestone on our journey to create a leading European PayTech with enhanced scale, reach and capabilities, benefitting all our customers across Europe.
“Leveraging a strong complementary presence across both the most digitally advanced and underpenetrated geographies in Europe, we want to shape the way people pay and businesses accept payments, by offering the most innovative and reliable solutions.”
The combined company is expected to offer a full portfolio of solutions across the payment ecosystem, with strengths in acquiring and e-commerce, and a superior technology stack.
With the merger, Nexi is expected to benefit from enhanced exposure to attractive fast-growing and underpenetrated regions of Europe.
The combined company will be supported by the addressable market size, along with a shift towards digital payments and a rise in demand for a full-service payment provider in Europe.
The merger has received all the required regulatory approvals and is planned to become effective 1 July 2021.