What happens to Nexi on the Stock Exchange?

What happens to Nexi on the Stock Exchange?

Facts, accounts and forecasts of Nexi which merges with Sia

Yesterday Nexi got worse in Piazza Affari after the publication of the 2020 accounts and the announcement that the final agreement for the acquisition of Sia was signed.

The shares, which previously stood at around € 15.8, changed hands at € 15.2, down 2.9%.


The company closed 2020 with a normalized net profit down 2.5% to 245.8 million euros on revenues of 1.043 billion, down 2.8% compared to the previous year. However, the gross operating margin improved by 2.5% to 601.4 million euros, bringing the EBITDA margin to 58% from the previous 55%. In the fourth quarter, against revenues that fell by 0.7% to 290.3 million, the EBITDA grew by 8.3% to 172.5 million. Nexi estimates mid-single digit revenue growth of around 5% for 2021 and a stable ebitda margin over 2020, ie 58%, a figure that has improved by 3 percentage points over 2019.


Green light for the merger of Sia into Nexi. The two companies, after the approval of the Boards of Directors of Cassa Depositi e Prestiti, CDP Equity and Mercury UK, have signed the definitive agreement for the financial marriage. Marriage which, with the authorization of the EU, should also include Nets.

The plans of Nexi, an Italian company that offers services and infrastructures for digital payment, are proceeding: the project for the construction of the European payment giant continues. Meanwhile, in 2020, Nexi saw its revenues decline. Let's go step by step.


In the past few hours, Nexi announced that the definitive merger agreement has been signed with Sia, a company controlled by CDP Equity – it is a European leader in the design, construction and management of infrastructures and technological services dedicated to financial institutions, central banks, companies and Public administrations.

"Following the approval by the Boards of Directors of Cassa Depositi e Prestiti, CDP Equity, Mercury UK, SIA and Nexi, the definitive agreement was signed relating to the merger by incorporation of SIA into Nexi (respectively, the "Merger" and the "Framework Agreement"), in line with the terms and conditions of the memorandum of understanding signed and announced on 5 October 2020 ", announces a note from Nexi.


In order for the merger to materialize, the green light from the competent Antitrust Authority and the so-called Whitewash3 mechanism is required, in the context of the Extraordinary Shareholders' Meeting called to approve the Merger.


In addition to Sia, Nexi is also trying to join forces with Nets, a Danish paytech. The Italian digital payments company presented to the European Antitrust "the filing for the merger operation with Nets announced on November 15, 2020", explains the company note.


The one planned, therefore, is in fact a three-way wedding. And precisely in the name of this, should the closing of the planned merger by incorporation of Nets into Nex take place, temporally speaking, before the closing of the transaction with SIA, CDP Equity will have the right to approve a capital increase of SIA, aimed at balancing the dilutive effect on its prospective stake in Nexi's capital.

Under the Nexi-Sia agreement of October 2020, the shareholding of the new entity should see Cdp Equity as the first shareholder with 25% and the private equity funds united in the Mercury UK vehicle at 23%. Taking Nets into account, however, Cdp Equity, the largest shareholder, would dilute to 17%, Mercury would have 10%, Intesa Sanpaolo 5%, writes Il Sole 24 Ore.


The numbers of Sia were also presented in the past few hours, which despite Covid confirms the growth trend. Revenues amounted to 748 million euros, + 2% on an annual basis. EBITA, on the other hand, reached 285 million euros, up 3% compared to the previous year with an Ebitda margin of 38%.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/borsa-nexi-sia/ on Fri, 12 Feb 2021 09:34:22 +0000.