Italy’s state-backed investor Cassa Depositi e Prestiti (CDP) Equity has unveiled plans to increase its stake in payments group Nexi to as much as 29.9%.
According to a Reuters report, the additional investment would be worth about €400m at current market prices.
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The planned increase would bring CDP Equity just below the 30% threshold that, under Italian rules, would trigger a mandatory takeover bid.
CDP Equity currently holds around 19.1% of Nexi. The investor said it does not intend to launch a full takeover offer.
It added that the move is aimed at providing greater stability to Nexi’s shareholder structure and supporting its long-term industrial strategy.
CDP Equity’s board has approved the subscription of derivative contracts covering up to 8% of Nexi’s share capital. The instruments can be settled in Nexi shares, subject to the necessary authorisations.
The state-backed investor added it may buy Nexi shares directly in the market.
Following completion, CDP Equity is set to overtake private equity firm Hellman & Friedman (H&F), which holds 22% of Nexi, as the company’s largest single shareholder.
The announcement comes as Nexi deals with a weak share price and shareholder pressure. The company has also faced leadership changes, including a recent CEO departure after investors reacted negatively to a new strategy.
Nexi has attracted private equity interest several times in recent years, including from private equity firm CVC last month.
Nexi processes €1.8trn ($2.1trn) in digital transactions across 25 countries.
According to the company’s website, it has around 3 million merchant terminals, supports about 140 million cards, and serves roughly 250 banks and corporates through its Issuing Solutions business.
