Linklaters has advised Nexi, a leading paytech company in Italy, on its framework agreement with the parent company of Nets, a pan-European paytech company, for the integration of the two groups. The new group will become one of the European paytech leaders with the scale, reach and breadth of capabilities to drive from a leading position the transition to digital and cashless in Europe.

Nexi is the leading paytech company in Italy partnering with 150 banks to simplify payments and digitalise the Italian economy. Nexi manages 41.6 million payment cards and 13,100 ATMs. In 2019, the company recorded 947 million clearing transactions.

The merger with Nets is a game-changer in the European payments landscape creating one of the largest players in Europe, offering enhanced future-proof innovative payment solutions across payment rails and channels, underpinned by a best-in-class technology stack and professional capabilities. The new group will have extensive reach across over 25 countries, with a presence in the most attractive, fast-growing and under-penetrated European markets.

Linklaters London Corporate Partner, Hugo Stolkin, said:

“This deal represents a significant milestone in the consolidation of the European payments sector, a trend we expect to continue amidst growing adoption of digital payments which has been accelerated by the Covid-19 pandemic.”

Linklaters assisted Nexi with a team composed of partners Pietro Belloni (Mainstream Corporate, Milan) and Hugo Stolkin (Mainstream Corporate, London), managing associates Daniel Bergman (Mainstream Corporate, Hong Kong) and Maria Sofia Ricci (Mainstream Corporate, Milan) with associates Stephanie Floras (Mainstream Corporate, London) and Chiara Venditti (Mainstream Corporate, Milan) for corporate aspects. Partner Ugo Orsini (Capital Markets, Milan), managing associate Francesco Eugenio Pasello (Mainstream Corporate, Milan) and associate Mafalda Monticelli (Mainstream Corporate, Milan) led on equity capital markets and structuring, while managing associate Anna Ferraresso (Capital Markets, Milan) and associate Francesca Cirillo (Capital Markets, Milan) dealt with regulatory and foreign direct investment aspects.

The deal is expected to complete in Q2 2021 and is subject regulatory approvals.