Italian digital payments firms merge to create $17.6B fintech group
Italian rivals Nexi and Sia have finalized a merger to create a fintech giant that can compete in an increasingly consolidated European market. Italy's largest payments firm Nexi has struck a deal with its rival, SIA, to create a digital payments behemoth with a market cap of 15 billion euros ($17.6 billion). It's estimated the new entity will take a domestic market share of 70%.According to a report from Reuters on Oct. 5, the all-share agreement will give Nexi roughly 70% of the newly merged company, with SIA having an equity value of 4.6 billion euros ($5.4 billion). Nexi’s private....
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The new group will reportedly have an estimated 70% share of the Italian market.
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Nexi Advising ECB on Digital Euro Issues
Nexi, one of the biggest payments companies in Europe, is working in tandem with the European Central Bank toward the creation of a digital euro, according to statements made....