PE-backed Mercury buys Intesa Sanpaolo’s payment platforms for €1bn

Mercury, the majority shareholder of Italian banking services provider ICBPI, provided an undisclosed combination of debt and equity to support the transaction.

Following the acquisition, the combined payment platforms will operate separately from ICBPI, but they will contribute to improve payment services and innovation for ICBPI. At the same time, the companies will continue to provide processing services to Intesa Sanpaolo.

Previous funding
Advent, Bain Capital and Clessidra bought ICBPI in a €2.15bn deal in July 2015.

Company
Milan-based Setefi is the payment processing platform of Italian bank Intesa Sanpaolo, while ISP Card is the payment processing platform of Intesa Sanpaolo's central and eastern Europe branches, and operates in nine countries, including Croatia, Slovenia, Hungary and Romania.

Together, the platforms manage the majority of the 15 million payment card types for Intesa Sanpaolo and around 400,000 point-of-sale systems in retail stores.

According to press reports, the two companies generated a combined turnover of €170m with €60m EBITDA in 2015.

People
Bain Capital – Luca Bassi (managing director).
Advent International – Jeff Paduch (managing director).

Advisers
Equity – Mediobanca (corporate finance); Gitti Raynaud and Partners (legal); Weil Gotshal & Manges (legal); Kirkland & Ellis (financial due diligence); Studio Pirola Pennuto Zei & Associati (tax).

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