Nexi to acquire 80% of Sabadell’s merchant acquiring business for €280m
Italian paytech Nexi is to acquire 80% of Banco Sabadell’s merchant acquiring business in an all-cash deal worth €280 million, valuing the business at €350 million.
Once the deal has been completed, Nexi will have more 380,000 merchants and around €48 billion worth of transaction volumes as of December 2022.
The merchant acquiring business is expected to generate an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of around €30 million based on 2023 figures.
A long-term exclusive distribution partnership has also been agreed, with an initial term of 10 years and two potential renewals of five years each.
Thanks to the deal, expected to close by Q4 2023, Sabadell customers will benefit from Nexi’s technology and services, as well as the ability to leverage its acquiring capabilities to manage digital payments acceptance.
Nexi CEO Paolo Bertoluzzo says: “With this partnership, we enter Spain from a strong position, a market that we have always considered highly attractive for digital payments with great potential for further profitable and sustainable long-term growth, quite similar to Italy.”