MADRID/LONDON (Reuters) – Sabadell postponed selling its retailers’ payments business to Nexi due to BBVA’s hostile takeover bid, according to two informed sources.
One of the sources said the closing has been postponed, likely for months, without any changes to the agreed deal.
The source suggested that the plans would resume once the outcome of the takeover bid is clear. Both sources spoke anonymously due to the confidentiality of the discussions.
Sabadell and Nexi spokespersons refrained from providing comments on the matter. Before BBVA’s 12 billion euro bid, Sabadell planned to finalize the 350 million euro sale to Nexi by Q2 2024.
BBVA anticipates the regulatory process and tender period will take up to eight months, aiming to complete the takeover deal by mid-2025.
Last February, Sabadell agreed to sell its payments subsidiary Paycomet to Italian payments group Nexi for around 350 million euros ($370 million).
Nexi initially planned to acquire 80% of Paycomet for 280 million euros, with Sabadell holding a 20% stake for three years. Additionally, the deal involved a decade-long partnership with Nexi.
In early May, Nexi’s CEO Paolo Bertoluzzo stated the group was “monitoring the situation” after BBVA’s takeover offer. Nexi’s finance chief Bernardo Mingrone added they were “prepared to manage that outcome.”
“There are standard market provisions that protect the integrity of that deal,” Mingrone said.
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