Italy's CDP to keep Nexi stake, sources say, in hurdle to CVC bid plan
CDP's Position and Implications for Nexi and CVC
By Giuseppe Fonte and Elvira Pollina
CDP's Intentions Regarding Nexi Stake
ROME, April 29 (Reuters) - Italy's Cassa Depositi e Prestiti (CDP) intends to keep its Nexi stake, two sources familiar with the matter said on Wednesday, signalling the state lender opposes any takeover of the Italian payments firm by CVC Capital.
CVC's Interest in Nexi
Private equity firm CVC is in the early stages of exploring a bid to take Nexi private, a separate source told Reuters, confirming a report on Tuesday by the Financial Times.
Nexi's Shareholding Structure
CDP is Nexi's second largest investor, with a 19.14% stake.
Market Context and Financial Performance
Competitive Pressures in the Payments Sector
Payments firms such as Nexi face growing pressure from fintechs and instant payment platforms, which are gaining market share, compressing their margins and depressing valuations.
Nexi's Market Value and Debt
Nexi's stock market value has more than halved to about 4.5 billion euros ($5.27 billion) since its 2019 listing. The company had net debt of just over 5 billion euros in 2025.
Recent Stock Movements
Shares in Nexi, which earlier jumped more than 6%, pared gains after the Reuters report and were up 4.8% at 1130 GMT.
Strategic Importance of Digital Payments
European Governments and Digital Sovereignty
STRATEGIC ASSETS
European governments have long identified digital payments as a strategic sector.
ECB's Digital Currency Initiative
To promote its digital sovereignty and reduce reliance on U.S. players such as Visa, the European Central Bank is working on a digital version of Europe's single currency.
CDP's Long-Term Strategy
Two people with knowledge of the matter told Reuters that Rome-based CDP sees its stake in Nexi as strategic, adding the investor has no plan to divest.
CDP will remain a long-term Nexi investor, said one of the sources, who all declined to be named because the matter is not public.
There has been no contact between CDP and CVC, the source added.
Government Oversight and Deal Structure
Italy's "Golden Powers"
Any CVC offer for Nexi would require Italy's backing, as the government has "golden powers" to set conditions or block foreign or domestic deals affecting strategic assets.
Potential Carve-Out of Digital Banking Solutions
The FT reported that the potential deal studied by CVC would see Nexi's digital banking solutions unit being carved out and transferred to an Italian state-backed investor such as CDP.
Previous Takeover Attempts
Nexi rebuffed a 1 billion euro offer last year from private equity fund TPG for its business that provides digital services to banks, following CDP opposition to the sale.
Additional Information
($1 = 0.8545 euros)
(Reporting by Giuseppe Fonte in Rome, Elvira Pollina in Milan, additional reporting by Amy-Jo Crowley in London, editing by Louise Heavens and Alexander Smith)
