CDP Equity, the investment arm of Italian state lender Cassa Depositi e Prestiti (CDP), announced it is increasing its stake in the digital payments giant Nexi from 19.14% to as much as 29.9%. The move aims to stabilize Nexi’s shareholder base and secure Italian control over vital financial infrastructure.
Italy’s state lender Cassa Depositi e Presti is set to increase its stake Nexi, strengthening its hold on the strategically important payments giant, which has attracted takeover interest from US private equity group CVC, according to Finextra.
Cassa Depositi’s investment unit, CDP Equity, has set the scene to increase its stake in Nexi from just over 19% to as much as 29.9%. The increase would give the Italian government more influence over Nexi, which is considered a key part of the country’s financial infrastructure.
CDP says it does not plan to launch a takeover offer and that the increased stake is aimed at supporting shareholding stability.
The transaction, says a Cdp note, will be subject to the release of the necessary regulatory approvals for exceeding the relevant thresholds. The transaction, it goes on to say, testifies to Cdp Equity’s appreciation for Nexi. „Cdp Equity believes in a strong innovative and industrial evolution of Nexi, the company already processes EUR 1,800 billion of digital transactions in more than 25 countries, which will be able to play a key role in the European development of a technological infrastructure to support the digitalisation of money”.
Shares in Nexi have fallen by around 65% in the last four years due to fee pressure on European payment providers and competition from other fintechs.
Last month, the Financial Times reported that CVC was mulling a $9 billion bid for the firm – but only if it secured the support of the Italian government.
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