Italian payment firm Nexi has agreed to purchase merchant acquiring and POS management businesses of BPER Banca and its Banco Di Sardegna subsidiary in a deal worth up to $412m (€384m).

Additionally, Nexi will take full ownership of Numera Sistemi e Informatica from Banco di Sardegna.

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The deal consideration includes a €66m delayed component linked to certain achievement targets. The transaction is expected to close in the second half of this year, subject to regulatory approvals.

Nexi has been beefing up its operations catering to merchants through a number of acquisitions. In 2019, the firm struck a €1bn deal with Italian lender Intesa Sanpaolo to snap up its retailers’ payment business.

This February, a report by Bloomberg News said that Nexi was in exclusive talks with BPER regarding the acquisition.

BPER’s merchant acquiring business comprises a network of over 110,000 merchants and approximately 150,000 POS. The business delivered a total value of transactions of approximately €13bn in 2021.

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Nexi said in a statement: “The transaction strengthens the relationship between Nexi and its long-term partner BPER, which will be able to adopt the technological solutions and the innovative services developed by Nexi while maintaining an economic exposure to the business itself for the entire duration of the agreement.

“The payment system activities of Numera will also be enhanced, recognising the strategic role that the company represents as centre of excellence in the region in which it operates.”

Nexi was advised by Rothschild on the deal. Deutsche Bank acted as BPER’s sole financial adviser while Gianni & Origoni offered legal adviser and Deloitte supported the financial due diligence activity.