Nexi Payments Greece is now 90% owned by the Italian Nexi Group under an agreement signed with Alpha Bank to transfer the card acceptance and transaction clearing sector.

The new company, in which Alfa Bank initially held a 49% stake and was majority-owned by the Italian Nexi, began operations on June 30, and a month later the second part of the transaction was implemented, which resulted in the transfer of another percentage of approximately 39%, limiting share of Alfa-Bank up to 10%. The agreement provides for Alpha’s right to buy back part of Nexi Payments’ stake on the fourth anniversary of the deal’s completion.

As part of the agreement, Alfa-Bank is the exclusive distributor of the new company’s products and services in the Greek market through its extensive network of branches throughout Greece. The agreement provides for mandatory ownership of the company’s shares for a period of 10 years, as well as the right of the first offer for both shareholders – Alfa and Nexi, the right to transfer shares of Alfa-Bank, exit mechanisms with withdrawal option and put option as for Alpha Bank, and for Nexi under certain circumstances, such as a material breach of a shareholder agreement.

It is recalled that in the first half of the year the bank recorded a profit of 300.9 million euros, and the agreement also provides for the payment of an additional price to Alfa, subject to the achievement of a specific goal to increase Nexi Payments’ income. by 2025. New company revenue for 2022 from pro forma gross commissions to synergies is estimated at EUR 94 million.