Latham & Watkins advised the banks on the debt financing in connection with the merger of Nexi, the paytech leader in Italy, and Nets, a leading integrated Pan-European paytech player (the “Merger”).
The transformational Merger, which is consistent with the consolidation process underway at European and global level in the digital payments sector, will contribute to the ambition of creating a true European paytech leader, following the recently announced merger of Nexi and SIA. The substantial platform will have extensive reach across more than 25 countries, with presence in the most attractive, fast-growing, and under-penetrated European markets.
The deal demonstrates Latham’s continued involvement with Nexi, having previously advised on the term loan financing for Nexi’s acquisition of the merchant acquiring activities of Intesa Sanpaolo for €1 billion in cash; the Joint Global Coordinators and Joint Bookrunners on its €2 billion (plus up to €302 million greenshoe) initial public offering; and the initial purchasers in Nexi Capital S.p.A’s bond issuance in connection with the split of the payments business out of the regulated banking group (and bond and loan financings in connection with the initial Bain/Advent LBO, various bolt-on acquisitions and the post-IPO financing).
The Latham team was led by London partners Jennifer Engelhardt and Dan Maze, with associates Chiraag Patel, Chen Yang Sia, and Sean Stanton. Advice was also provided by Milan finance partner Marcello Bragliani and associate Erika Brini Raimondi.