Enel and Intesa Sanpaolo have reached an agreement to jointly acquire Italian payments firm Mooney from Schumann Investments with the aim of establishing a Europe-based fintech group.
The European utility firm, through its fully-owned subsidiary Enel X, will pick a 50% stake in Mooney.
Go deeper with GlobalData
Intesa will raise its holding in the firm to 50% through its Banca 5 unit, which currently owns 30% of Mooney.
The deal, which values Mooney at $1.6bn (€1.385bn), will see Enel pay between €334m to €361m for its portion of the stake while Intesa will pay between €88m to €94m for the remainder.
These transactions are expected to conclude by the second quarter of 2022, subject to regulatory approvals.
Creating a joint European-based fintech
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Intesa-Enel partnership seeks to create a joint European fintech with capabilities in proximity and digital payments, mobility and energy services.
Following the close of the deal, Enel will divest its financial service operation in Italy to Mooney for €140m.
This transaction will cover the company’s Enel X Financial Services, CityPoste Payment and Paytipper businesses branded under Enel X Pay.
Commenting on the deal, Enel CEO and general manager Francesco Starace said: “This acquisition represents a good growth opportunity for us in the fintech space that is a good complement of the Enel Group’s new industrial vision, with digital payments being increasingly utilised on power bills as well as on advanced, ‘beyond commodity’ services, such as electric mobility.”
Mooney, which registered revenues of around €153m last year, is said to process nearly 20% of all electricity bills issued by the Enel Group. Through its holdings in MyCicero, the firm also manages a digital platform which offers mobility services to over 2 million customers.
Starace further added: “We are looking forward to cooperating with our new partner, Intesa Sanpaolo, with a view to offer an ever-wider array of services and continue to meet the growing needs of our customers in an increasingly effective way.”
Mooney will continue to provide Intesa customers with a range of payment services. It will also help the banking group acquire new customers and expand its digital service model globally, according to Intesa CEO Carlo Messina
Messina noted: “Mooney is a key part of our strategy to build an enhanced digital proposition for our retail customers – who strongly value proximity and flexibility – which will be one of the pillars of our new business plan.”
In 2019, Intesa signed an agreement to offload its retailers’ payment business to Nexi for €1bn.
