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Breakingviews - Italy payments deal trades value for state power

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ICYMI: Italian payments group Nexi’s all-share deal to buy state-controlled Sia will create a 15 billion euro domestic champion. LJucca explains how the sovereign wealth fund CDP appears to be trading value for future board influence

The logo of Italian payments group Nexi is pictured outside their headquarters in Milan, Italy, March 28, 2019.

The payments industry is in the middle of a consolidation frenzy as the pandemic accelerates a shift towards digital transactions. Absorbing Sia will help Nexi boss Paolo Bertoluzzo close the gap with rival Worldline. The French group is worth 13 billion euros but in the process of completing its 8 billion euro takeover of Ingenico.

Nexi’s offer values Sia’s equity at around 4.6 billion euros, for an enterprise value of 5.6 billion euros after including the company’s net debt. That’s about 20 times Sia’s EBITDA last year, in line with Nexi’s current valuation of 21 times, according to Refinitiv data. But the multiple falls to less than 14 times EBITDA after factoring in expected annual synergies of around 135 million euros a year.

 

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