PE-backed Nets and Nexi sign agreement for merger

Nexi is also in the process of merging with Milan-based paytech compan SIA. 

Following the completion of both mergers, California-based PE firm Hellman & Friedman, which acquired the company in a take-private deal in 2018, will own 16% of the new entity. CDP will own 17%, Advent and Bain will own 10%, Mercury UK will own 10%, Intesa Sanpaolo 5% and GIC Private Equity 3%, with a free float of 38%. 

The merged company will remain listed on the Italian Stock Exchange.

Nets estimates the merger to result in pro forma revenues of €2.9bn, EBITDA of €1.5bn and operating cash flow of €1.2bn.

Previous funding
In July 2014, Nets was acquired by Advent International, Bain Capital and ATP from Danish and Norwegian bank owners for DKK 17bn.

In 2017, Hellman & Friedman announced its intention to acquire and de-list Nets in a DKK 33.1bn deal. 

Company
Founded in 2010 and based in Ballerup, Nets is a provider of payment and digital identity services. The company generated €1.1bn in revenues and €387m in EBITDA in 2019. The company has around 3,000 employees, according to its LinkedIn page. 

People 
Nets – Bo Nilsson (CEO). 
Nexi – Paolo Bertoluzzo (CEO). 

Advisers
Company (Nexi) – HSBC (financial due diligence). Centerview (financial due diligence); BofA Securities (financial due diligence); Goldman Sachs (financial due diligence); Legance – Avvocati Associati (legal); Linklaters (legal). Bain & Co (commercial due diligence); Alix (commercial due diligence); PwC (financial due diligence); KPMG (tax).
Company (Nets) - Credit Suisse (financial due diligence); JP Morgan (financial due diligence); Deutsche Bank (financial due diligence). Morgan Stanley (financial due diligence). Freshfields Bruckhaus Deringer (legal). EY (financial due diligence, tax).

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• Topics
• Exits
• Nordics
• Consumer
• Denmark
• Hellman & Friedman LLC
• Partial sale