Cdp Equity, OK to increase stake in Nexi to 29.9%

The Board of Directors of Cdp Equity (Cdp Group), which met on Sunday 25 May, resolved to increase its shareholding in Nexi to a maximum of 29.9 per cent. As part of this strategy, Cdp Equity approved the subscription of derivative contracts up to 8 per cent of Nexi's share capital, which may be settled in shares if the necessary authorisations are obtained. In addition, the stake may also be increased through direct purchases by Cdp Equity. Cdp Equity does not intend to launch a tender offer for Nexi's shares.

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".

The increase in the shareholding of Cdp Equity, which currently is the leading institutional shareholder with around 19%, 'confirms the company's willingness to support the company along its path and will also foster greater stability in the shareholder base by supporting the long-term industrial strategy'. Cdp Equity was assisted by Mediobanca Banca di Credito Finanziario, J.P.Morgan and PricewaterhouseCoopers Business Services as financial advisors and Hogan Lovells as legal advisor.