Italy's CDP Opposes Selling Nexi Stake, Sources Report

• CDP controls its 19% Nexi stake through its unit CDP Equity and has had no contact with CVC regarding a potential transaction
• CVC Capital is in preliminary stages of considering a take-private bid for the Italian payments group
• The state lender's opposition to divesting could complicate any privatization efforts by CVC

Summary

Italy's state-controlled lender Cassa Depositi e Prestiti (CDP) has ruled out selling its stake in payments group Nexi, according to sources familiar with the matter. CDP, which is controlled by the Italian Treasury, holds approximately 19% of Nexi through its subsidiary CDP Equity.

The statement comes as private equity firm CVC Capital explores a potential bid to take Nexi private, though these discussions are still in early stages, according to a separate source confirming a Financial Times report. Sources indicate there has been no contact between CDP and CVC regarding the matter.

Key Market Implications:

The CDP's firm stance against divesting could complicate any privatization efforts by CVC Capital. As a significant minority shareholder with nearly one-fifth of Nexi's equity, CDP's opposition would present a substantial obstacle to any take-private transaction, which typically requires broad shareholder support.

Nexi is a major player in Italy's payments sector, and the potential involvement of a major private equity firm like CVC signals continued interest in the European fintech and payments space despite market uncertainties. However, CDP's position suggests strategic assets in Italy's financial infrastructure may face political considerations beyond pure commercial factors.

The situation highlights the ongoing tension between state interests and private equity appetite in European financial services, particularly for companies operating critical payment infrastructure. Investors in Nexi should monitor whether CVC proceeds with a formal offer despite CDP's opposition, and whether other strategic buyers might emerge.