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☆ Wordline shares surge on report Credit Agricole could take stake
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Dec 1 (Reuters) - Shares in Worldline (WLN.PA) surged almost 12% on Friday after a media report said Credit Agricole (CAGR.PA) was considering acquiring a stake in the French payment processing company. Other French financial institutions could also look at playing a role in Worldline's future, Bloomberg added, citing some of the people. Italian payments company Nexi (NEXII.MI) last month confirmed its guidance while the Netherlands' Adyen (ADYEN.AS) reassured the market with its "more realistic" medium-term guidance. Worldline shares have fallen more than 58% this year.

Persons: Gonzalo Fuentes, Piotr Lipinski, Sharon Singleton, Kirsten Donovan Organizations: La Defense, REUTERS, Rights, Bloomberg, Credit, Thomson Locations: La, Paris, France, Worldline, Germany, cybercrime, Netherlands

☆ Advent to buy UK payments firm myPOS valued at over $500 million
▼ + stars: | 2023-11-16 | by ( Amy-Jo Crowley | ) www.reuters.com time to read: +3 min

LONDON, Nov 16 (Reuters) - Advent International has signed a deal to buy payments firm myPOS as part of the London-based buyout group's latest push into digital payments, director Fabio Cali told Reuters. The acquisition is expected to value myPOS at around 500 million euros ($542.15 million), two people familiar with the matter told Reuters, speaking on condition of anonymity. The payments sector has had a run of transactions recently. SumUp said last year it had raised 590 million euros in a funding round led by Bain Capital Tech Opportunities. The company is targeting a revenue run rate of 100 million euros this year, one of the people said.

Persons: Fabio Cali, SumUp, JP Morgan, PayPal Zettle, Christo Georgiev, Georgiev, Amy, Jo Crowley, Jane Merriman Organizations: Reuters, Bain Capital Tech, PayPal, House, Thomson Locations: London, Cali, Athens, Europe

☆ Nexi CEO: happy to help UniCredit on payments but contract is set
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of Italian payments group Nexi is pictured outside their headquarters in Milan, Italy, March 28, 2019. Italian payments infrastructure group SIA in 2016 signed a 10-year contract with UniCredit to manage cards and shop payments as well as cash withdrawal machines ahead of a being acquired by Nexi, which inherited the contract. Nexi finance chief Bernardo Mingrone told an analyst call on Thursday that the contract did not envisage the possibility of an early break-up. While the contract is "very solid" and runs over the long term, Nexi is "very keen to help UniCredit achieve their ambitions in payments, which are growing," Nexi CEO Paolo Bertoluzzo added. Asked whether UniCredit might dispose of its merchant acquiring business, Bertoluzzo said he would be "very surprised" if UniCredit did anything with it.

Persons: Alessandro Garofalo, Nexi, UniCredit, Andrea Orcel, Bernardo Mingrone, Mingrone, Paolo Bertoluzzo, Orcel, Jean Pierre Mustier, Bertoluzzo Organizations: REUTERS, SIA, Nexi, Thomson Locations: Milan, Italy

☆ Italy's Nexi confirms guidance after earnings meet forecasts
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. Nexi said it had sold ID, a system to verify users' online identity and data, which it had lined up for disposal during its latest capital markets day to streamline its operations. Nexi's earnings before interest, tax, depreciation and amortisation came in at 495.8 million euros ($531 million), fractionally ahead of analyst forecasts. Revenues totalled 872 million euros, in line with expectations. ($1 = 0.9343 euros)Reporting by Valentina Za, editing by Giulia SegretiOur Standards: The Thomson Reuters Trust Principles.

Persons: Alessandro Garofalo, Nexi, amortisation, Valentina Za, Giulia Segreti Organizations: REUTERS, Thomson Locations: Milan, Italy

Worldline's (WLN.PA) stock slide, which saw around $4 billion wiped off its market value, is the latest wake-up call. COMMISSIONS CUTRevenue growth has suffered at payments firms as inflation has force European consumers to spend less, while investors fret about the euro zone slipping into recession. Some analysts say payments firms have also been caught napping, after a period of growth during COVID lockdowns. In a further sign of investor wariness, venture capital investment flows into European payment firms have also dried up. Now, it may leave private equity investors to pick up the pieces for payment service firms, analysts said.

Persons: Dado Ruvic, Paul Charpentier, Bryan Garnier, napping, Jefferies, Hannes Leitner, Leitner, Charpentier, wariness, Italy's Intesa Sanpaolo, Morgan Stanley, Worldline, Bryan Garnier's Charpentier, Elizabeth Howcroft, Alexander Smith Organizations: REUTERS, PayPal, Holdings, Companies, Barclays, Reuters, Spain's Banco Sabadell, Fidelity National Information Services, CVC Capital Partners, CVC, Thomson Locations: London, U.S, Nexi, Europe

☆ Nexi shares fail to open on bid report as CVC declines to comment
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Bloomberg reported on Tuesday that CVC was in the early stages of considering a possible bid for Nexi, Europe's largest payments company by volume of transactions. Nexi shares have lost 22% this year, adding to a 47% drop in 2022 and stoking speculation about potential takeover interest. By 0730 shares in Nexi were indicated up 16.7% at 6.72 euros a share, not far from a record low of 5.25 euros a share hit earlier this month. The presence of shareholder funds which will eventually need to liquidate their investment and the depressed share price have fuelled persistent speculation about Nexi's future. The government has powers to block any unwanted interest over a company such as Nexi, considered of strategic national interest.

Persons: Alessandro Garofalo, Friedman, Bain, Elisa Anzolin, Giancarlo Navach, Valentina Za, Cristina Carlevaro, Gavin Jones Organizations: REUTERS, CVC Capital Partners, Bloomberg, Nexi, Nets, Thomson Locations: Milan, Italy, Nexi

The Adyen share plunge "was because expectations were much higher. Analysts believed that Adyen would take significantly more share in this difficult market environment," said Jefferies equity analyst Hannes Leitner. Was the share price reaction justified? One European equities trader, who asked not to be named, noted there were orders to sell Adyen shares at any price and referred to "apocalypse selling." According to data from Refinitiv, 17 analysts rated Adyen "buy", 12 "hold", and 4 "sell" before the earnings announcement.

Persons: Eva Plevier, Jefferies, Hannes Leitner, Refinitiv, Adyen, Worldline, Italy's, Marco Simion, Pieter van der, ”, Samuel Indyk, Elizabeth Howcroft, Danilo Masoni, Toby Sterling, Dhara, Alun John, Cynthia Osterman Organizations: REUTERS, Analysts, Citigroup, UBS, KPMG, Privately, Thomson Locations: Amsterdam, Netherlands, MILAN, North America, Swiss, Adyen, EMEA, Refinitiv, London, Milan

☆ Italian Antitrust body backs deal to soften fees on digital payments
▼ + stars: | 2023-07-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

SummaryCompanies Deal would allow Italy to drop threat of levyFinancial firms demanded Antitrust assurancesTerms agreed not expected to alter status quoROME, July 20 (Reuters) - Italian Antitrust body has given a green light to a deal negotiated by retailers, banks and payment firms to soften fees on small card transactions as demanded by the government, according to sources and documents seen by Reuters. People familiar with the matter said the parties had finalised the terms of a Memorandum of Understanding (MOU) last month, but financial firms were worried about the risk of future fines for competition law infringements. As a result, the Treasury sought an opinion from the Antitrust authority. The MOU, seen by Reuters, encourages financial companies to launch competitive commercial initiatives on payments not exceeding 30 euros but stops short of demanding firm promises. The Treasury could summon the parties on July 27 to try to formalise the deal, a source said.

Persons: Giorgia Meloni, Rome, Mario Draghi, Keith Weir Organizations: Reuters, Mastercard, Visa, Treasury, Thomson Locations: Italy

☆ Italy's Banco BPM enters payments deal with Gruppo BCC Iccrea and FSI
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

July 14 (Reuters) - Italy's third-largest bank Banco BPM (BAMI.MI) said on Friday it agreed together with Gruppo BCC Iccrea and domestic private equity fund FSI to create the country's second largest player in the payments business. FSI, founded by former Merrill Lynch banker Maurizio Tamagnini, and unlisted bank Iccrea jointly run the BCC Pay payments business. Banco BPM partners with NEXI (NEXII.MI), Europe's biggest payments company by volume of transactions. On completion of the deal, Banco BPM said it and Iccrea will control 28.6% each of Pay Holding - which controls BCC Pay - and FSI will hold 43%. The venture will have a domestic market share of more than 10%, Banco BPM said.

Persons: Merrill Lynch, Maurizio Tamagnini, Baranjot Kaur Organizations: Banco, Gruppo BCC Iccrea, Pay, Thomson Locations: Bengaluru

☆ Worldline seeks to crack tough French payments nut
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

MILAN, April 19 (Reuters Breakingviews) - Worldline’s (WLN.PA) boss Gilles Grapinet has spotted an opportunity to access a hard-to-crack payments market. A partnership with Crédit Agricole will allow Worldline to enter Europe’s top market for merchant payments, which several domestic banks still handle directly. Analysts reckon the French bank will confer its entire merchant acquiring business to the new company. For Worldline, the deal may be a stepping-stone to make similar accords with other French lenders or even purchase the whole of Crédit Agricole’s payments business over time. But this deal shows that payments companies still have some scope for dealmaking to improve their fortunes.

☆ European shares edge higher ahead of more Wall St earnings
▼ + stars: | 2023-04-17 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

Rate-sensitive technology shares <.SX8P> fell 1.2% tracking overnight losses on Wall Street, while banking shares (.SX7P), which were the biggest gainers on Friday, fell 0.3% . Investors will closely monitor a slew of earnings reports led by Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) due later in the week. Last week, Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system. "Cautious optimism is the Monday motivation mantra, as stronger U.S. corporate news and signs of consumer resilience help to mask ongoing worries about the knock-on effect of higher interest rates," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. Shares of Rovio (ROVIO.HE) rose 17.8% after Japan's Sega (6460.T) agreed to launch a 706 million euro offer for Angry Birds maker.

☆ Italy, digital payment firms and retailers at odds over deal to cut fees
▼ + stars: | 2023-04-05 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The cost of digital payments has taken centre stage in Italy, with the right-wing administration led by nationalist Prime Minister Giorgia Meloni trying to deal with complaints by retailers about the fees. Rome wants the parties to agree to reduce fees on electronic transactions worth up to 30 euros ($32.87) for businesses with annual revenues of up to 400,000 euros. A meeting between all involved parties is now scheduled for April 20, a second source said confirming the deal is still elusive. Meloni promoted the talks to cut fees after her government in December backtracked on a proposal to cut sanctions against shopkeepers refusing to accept digital payments, following criticism from the European Commission. Tax evasion in Italy is estimated by the Treasury at around 90 billion euros, down from 106 billion euros of 2015.

Under the deal, Nexi will buy 80% of Paycomet, Sabadell's payments subsidiary, for 280 million euros, with the Spanish lender retaining a 20% stake for at least three years. The business that handles shopowners' payments is a source of stable income for banks, but the need for hefty investments has prompted an increasing number of banks to dispose of all or part of their payments operations. With the deal, Nexi will come to handle transactions worth around 48 billion euros for more than 380,000 Spanish shopowners, adding around 30 million euros of core profit based on 2023 data, it said. The sale is at an enterprise value for the unit of 11.5 times earnings before interest, tax, depreciation and amortisation. Rothschild and Jefferies were financial advisers to Nexi which also worked with BCG, KPMG and Allen & Overy.

☆ Banco BPM wants to squeeze more long-term value from retailers' payment business
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 4 (Reuters) - Italy's third-largest bank Banco BPM (BAMI.MI) is keen to generate greater value longer-term from its retailers' payment business as it explores strategic options for the unit, its chief executive said on Saturday. Speaking to reporters on the sidelines of the Assiom-Forex conference in Milan, Chief Executive Giuseppe Castagna said Banco BPM was considering ways to boost profitability at its business that provides payment services to shopkeepers. "What we certainly won't do is be selling future P&L (profit and loss) inflows to get cash upfront," Castagna said. "Like with our other businesses, we're looking for ... a model that creates more value for the bank," Castagna said without elaborating. Banco BPM recently agreed to sell a majority stake in its non-life insurance business to Credit Agricole (CAGR.PA), its single biggest investor with whom it already partnered in consumer credit.

☆ Italy's Intesa convinces investors on payouts
▼ + stars: | 2023-01-23 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Investors fretted about the impact on earnings and the bank's ability to stick to generous capital distribution plans, starting with a pending 1.7 billion euro share buyback. Intesa has put the buyback on hold, despite receiving European Central Bank clearance, until approval of 2022 results on Feb. 3. In the fourth quarter, Intesa shed risks on 10.3 billion euros in loans through two so-called synthetic securitisation deals, including a jumbo 8 billion euro transaction. Market calculations put the cost of similar transaction at around 25 million-30 million euros a year for 2 billion euros in assets. Intesa also sold 4 billion euros in leasing contracts.

FRANKFURT, Jan 18 (Reuters) - Hellman & Friedman (H&F) is weighing options for its Italian cloud software maker TeamSystem, a business which could be valued at several billion euros, two people familiar with the matter told Reuters. Private equity investors are showing interest in TeamSystem, which may also attract sovereign wealth funds, they said. Hellman & Friedman acquired TeamSystem in 2016 and in 2021 moved the company from one of its funds to another. TeamSystem, which was founded in 1979, generated revenue of 545 million euros in 2021, while posting adjusted core earnings of around 235 million euros, according to company results on its website. While a decision on its valuation is still in flux, that could mean more than 6 billion euros including debt, the person said.

☆ Expansionist dreams threaten ECB digital euro plan
▼ + stars: | 2023-01-17 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

The idea of a digital euro with the same reserve backing as its physical equivalent is thus partly about Frankfurt controlling the process. At best, a digital euro could bring more citizens into the banking system, particularly those who don’t have enough money for traditional financial services products. That jars with central bankers’ preference to limit the digital euro to the EU at first. The euro does not need a digital currency, but its members have signalled they want one. Reuters GraphicsFollow @rebeccawire on TwitterCONTEXT NEWSEuro area finance ministers issued a statement on the so-called digital euro on Jan. 16, calling for political oversight and an international approach of a European central bank digital currency (CBDC).

☆ Analysis: Italy's cash payments U-turn is all gain, no pain
▼ + stars: | 2022-12-19 | by ( Valentina Za | ) www.reuters.com time to read: +4 min

Italy is scrapping from the draft budget a provision on retailers who refuse card payments that limits fines to transactions worth more than 60 euros ($64). A one percentage point increase in the use of cash leads to a 0.8-1.8 percentage point rise in undeclared value added tax (VAT), Italy's central bank found. "The government's U-turn on card payments marks a victory for consumers and the country," Italian consumer group Unione Nazionale Consumatori President Massimiliano Dona said. Nearly 73% of respondents in a 2022 survey by The European House-Ambrosetti's Cashless Society wished to reduce cash payments to improve speed and security, up from 60% in 2020. To defend the plan, the government has criticised the cost of digital payments saying cafe owners can hardly accept cards for 1.1 euro a cup espressos.

☆ Intesa’s payments exit sends awkward message
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 15 (Reuters Breakingviews) - Carlo Messina has picked a puzzling moment to get out of Nexi (NEXII.MI). Italy’s biggest bank by market capitalisation, a key industrial partner to the 11 billion euro payments group, sold its entire 5% stake at 8.7 euros a share late on Monday, or 584 million euros. Intesa, which sold its retail payments business to Nexi for 1 billion euros and entered a long-term partnership, will remain a key business ally. Analysts believe Nexi is worth 12 euros a share, according to average target prices from Refinitiv. Intesa’s hurried sale suggests the stock, which has already lost more than a third of its value this year, may have further to fall.

☆ Beijing’s property bandage fails to staunch blood
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Sept 29 (Reuters Breakingviews) - Another day, another Chinese property market selloff. Hong Kong-listed CIFI (0884.HK) on Wednesday confirmed that it defaulted on an onshore trust loan linked to a property development, blaming slow sales. By the next morning, panicked investors had already wiped out half of CIFI’s market value, some $765 million. The stronger parts of the property market are weakening, and fast. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Singapore air cargo deal elevates its hub status
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 29 (Reuters Breakingviews) - Singapore is boosting its hub status as global recession fears loom. Aviation services group SATS (SATS.SI) is acquiring the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The deal could ultimately lift trade flows through Singapore where aviation contributes more than 5% of GDP. SATS is part of the city-state’s industry trinity that includes its former parent Singapore Airlines (SIAL.SI) and Changi Airport. As global cargo activity nears pre-pandemic levels, Singapore is providing a strategic home to an asset that’s passed through multiple financial owners.

☆ Apple tests idea of discretionary spending
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apple (AAPL.O) may learn that its moat isn’t as wide during times of high inflation. When wallets are pinched, a new iPhone probably isn’t a must-have. As other currencies have weakened relative to the dollar, Apple has had to raise prices to keep the cost steady relative to America. Already Apple’s share of the global smartphone market has declined sharply to 16% in the second quarter from 23% penetration in the fourth quarter last year, according to research firm IDC. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Blackstone’s Schwarzman kickstarts UK asset grab
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters Breakingviews) - Britain’s currency crisis may have an upside after all – at least for foreign investors. Blackstone’s (BX.N) Steve Schwarzman is paying 80 million pounds for 17th-century country estate Conholt Park, the City A.M. newspaper reported. But it’s exactly the kind of purchase that will make more sense the lower the pound goes. And to the extent that future cash flows are denominated in dollars or euros, the sterling purchase price should rise. U.S. investors just bought Chelsea soccer club, while Saudi Arabia’s sovereign wealth fund last year swooped on rival Newcastle United.

☆ EasyJet gives carbon offset reform a handy shove
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

An EasyJet Airbus aircraft takes off from the southern runway at Gatwick Airport in Crawley, Britain, August 25, 2021. REUTERS/Peter NichollsLONDON, Sept 27 (Reuters Breakingviews) - EasyJet’s (EZJ.L) latest statement on climate change may end up being quite useful. Chief Executive Johan Lundgren’s stance reflects a burgeoning trend which has seen regulators and industry groups move from setting net zero targets to scrutinising them. EasyJet will instead invest in new technology to cut emissions, including zero carbon-emitting aircraft and carbon capture technology. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Nexi can play catch-up with rival Worldline
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro GarofaloMILAN, Sept 27 (Reuters Breakingviews) - It’s time for Nexi (NEXII.MI) to close a valuation gap with rival Worldline (WLN.PA). The 11.5 billion euro Italian payments group pledged on Tuesday to boost revenue by 9% per year by 2025 and its EBITDA by 14%. Worldline’s Gilles Grapinet, who competes with Nexi to snap up European payments assets, had earmarked just 0.8 billion euros of free cash flow in its four-year plan. Despite similar growth targets, Nexi is valued less richly than Worldline.

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