Italy’s Nexi signs accord to buy 51% of Alpha Bank’s payment business

Italy's Nexi signs

Milan: Italy’s payment group Nexi signed a memorandum of understanding to buy a 51% stake of Alpha Bank’s retailers payment business, which will be spun off in a separate company, for 157 million euros ($186 million), the two groups said on Tuesday.

In a statement the Italian group and Alpha Services and Holdings SA, the parent company of the Greek bank, said that the partnership includes a long-term distribution agreement, giving the new company access to Alpha Bank’s network in order to distribute its products and services.

After the deal’s finalization, Nexi said it would consolidate the new company, which is expected to generate 93 million euros in revenues and 18 million euros in core profit in 2022.