Italy's CDP against selling stake in Nexi, sources say (updated)

CVC Capital Partners

29/04/2026 11:24

Recasts with details throughout

CDP sees its 19.14% Nexi stake as strategic, has no plans to sell

CVC in early stage of exploring bid to take Nexi private

Nexi's market value halved since 2019, amid fintech competition

Italy to have a say in any deal through 'golden powers'

By Giuseppe Fonte and Elvira Pollina

ROME, April 29 (Reuters) - Italy's Cassa Depositi e Prestiti (CDP) intends to keep its Nexi NEXII.MI 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.AS.

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.

CDP is Nexi's second largest investor, with a 19.14% stake.

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 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.

Shares in Nexi, which earlier jumped more than 6%, pared gains after the Reuters report and were up 4.8% at 1130 GMT.

STRATEGIC ASSETS

European governments have long identified digital payments as a strategic sector.

To promote its digital sovereignty and reduce reliance on U.S. players such as Visa V.N, the European Central Bank is working on a digital version of Europe's single currency.

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.

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.

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.

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.

($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)

((giuseppe.fonte@thomsonreuters.com; +390680307711;))