Nexi, UniCredit places 1.1% on the market

UniCredit started the placement, through an accelerated book building (Abb), of 14.7 million Nexi shares, amounting to slightly more than 1.1% of the payments company's capital, at a price of EUR 5.735 per share for a countervalue of approximately EUR 84 million.

The placement, emerges from a note, is linked to a transaction between the bank led by Andrea Orcel and Fides, a vehicle of Clessidra Private Equity Sgr, which has signed a 'collar', a risk-reducing derivative, with UniCredit on approximately 18.15 million Nexi shares, equal to just under 1.4% of the capital, and at the same time received a loan from UniCredit that will be used to fully refinance itself.

UniCredit, the note explained, launched the Abb on Nexi shares in order "to hedge" the long position taken on Nexi through the collar, which consists of a 'call' (buy) option in the hands of UniCredit and a put (sell) option in the hands of Fides. Unicredit is reportedly not a shareholder of Nexi, so the shares subject to the Abb could be derived from a securities loan.

Hourglass, in addition to controlling Fides, holds 15% of the capital of Mercury Uk, a vehicle that owns 9.3% of Nexi. The stake in Mercury Uk, in which Bain Capital and Advent International are also shareholders, 'is not affected by this transaction and remains unchanged'.

"Mercury Uk," the note reads, "confirms its full commitment to Nexi and its desire to release further value from Nexi, which reflect its confidence in Nexi's ongoing growth and future growth potential.