Banco Sabadell has sold 80% of its payments unit Paycomet to Nexi for USD 280 million and signed an exclusive 10-year distribution agreement with the Italian company.
With an enterprise value of USD 350 million for the entire capital of the asset, Nexi will pay an upfront cash consideration of USD 280 million. For at least three years, the bank will hold a 20% stake in the company. The initial term of the exclusive distribution agreement is ten years, with two possible extensions of one more year each.
As of December 2022, the Italian company adds over 380k merchants and about USD 48 billion in transaction volumes. An Ebitda of about €30 million is predicted for the merchant acquiring business.
Read More: Banco Sabadell to sell payments arm to Italy’s Nexi
