Nexi flies with rumours of 9 billion Cvc offer. Brokers' doubts

 (Il Sole 24 Ore Radiocor) - Rumours about a possible offer by Cvc Capital Partners for Nexi are giving wings to the fintech stock, which in Piazza Affari is snapping at the top of the main list, at its highest since the beginning of the year. In detail, according to the Financial Times, Cvc could put EUR 9 billion on the table for the delisting of Nexi. The operation is still at a preliminary stage and is subject to the approval of the Italia government, which could also decide to apply golden power, given the strategic importance of the group's assets. One possible structure of the deal involves the unbundling of the Digital Banking Solutions (Dbs) division, considered a strategic national asset, with its transfer to a domestic investor, such as Cassa Depositi e Prestiti, to facilitate regulatory approval. Hellman & Friedman, Nexi's main shareholder, would not be in negotiations at the moment, 'but would respond to a possible offer'.

For Intermonte's analysts, the 9 billion is in line with Nexi's enterprise value, which includes 4.5 billion capitalisation and net debt at the end of 2025 of 4.9 billion, estimated to fall to 4.5 billion at the end of 2026. "Under these conditions, value creation for shareholders does not appear immediate," the experts write, pointing out that, from a regulatory point of view, "the need to preserve domestic control of infrastructure such as the interbank network" will play "a key role, making a spin-off of the Dbs division likely if the deal goes ahead". It should be noted, however, that a previous offer of around EUR 1 billion for this asset has already been rejected due to opposition from Cdp. In general, Intermonte sees 'a high level of uncertainty about the credibility of the transaction, its execution and political alignment, which represent the main obstacles to a possible transaction'.

Banca Akros is of the same opinion, believing that "any potential delisting (take-private) scenario would face significant obstacles if not aligned with Cassa Depositi e Prestiti's strategic position and the government's broader interests. The role of Cassa Depositi e Prestiti is therefore 'a key factor in determining Nexi's future strategic flexibility and the feasibility of any transaction'. Equita is also aligned, pointing out that 'the process remains highly uncertain'.

Meanwhile, French competitor Worldline said it will launch a reverse stock split in an attempt to revive a share price that has been falling for some time. In detail, the stock split will take place from 14 May to 12 June, the company is consolidating shares so that every 40 old shares will become one new share with a par value of 80 cents. Worldline has dropped about 30 per cent since the beginning of the year due to governance problems, costly mergers, disappointing results, and accusations of concealing customer fraud.