Coindesk Logo

Italian Payments Giants Merging to Form Entity That Will Dominate Local Market

Italian Payments Giants Merging to Form Entity That Will Dominate Local Market

Italian Payments Giants Merging to Form Entity That Will Dominate Local Market

The new group will reportedly have an estimated 70% share of the Italian market.

The new group will reportedly have an estimated 70% share of the Italian market.

The new group will reportedly have an estimated 70% share of the Italian market.

AccessTimeIconOct 5, 2020, 8:41 AM
Updated Aug 19, 2021, 4:45 AM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Nexi, Italy's biggest payments provider, is to merge with rival SIA, creating a group with an estimated 70% share of the local market.

  • According to Reuters, the firms announced the expected merger Monday, saying the new group is likely to bring in 1.8 billion euros ($2 billion) in annual revenue.
  • As well as eclipsing Italian rivals, the new group is planned to expand across Europe.
  • Merger talks have been ongoing for at least 18 months – held up by disagreements over valuation and governance of the new group, Reuters said.
  • The new group will handle around 120 million payments cards and manage payments for some 2 million merchants.
  • The Italian government, which has an indirect stake in SIA through Cassa Depositi e Prestiti (an investment bank dating back to 1850), will end up owning roughly 25% of the new group.
  • Nexi will own around 70% of the new entity after the merger.
  • Italy is behind other nations when it comes to digital payments infrastructure, but the coronavirus pandemic is helping drive change in the nation.
  • As long as certain conditions are met, the merger is expected to be completed by next summer, seeing the creation of a company with an expected market value of over 15 billion euros.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.