Tinexta, Intesa Sanpaolo strike partnership for SME products

Tinexta SpA

21/06/2021 13:07

MILAN, June 21 (Reuters) - Tinexta  TNXT.MI  and Intesa
Sanpaolo  ISP.MI  said on Monday they had entered a partnership
to supply non-financial products to medium-sized Italian
companies, sending shares in the Italian technology and IT
operator to a new record-high.
    Italy's biggest bank will transfer the entire capital of
Intesa Sanpaolo Forvalue, which offers non-financial services to
its corporate customers, to Tinexta's unit Innolva, through a
reserved capital increase, in a deal valued at 55 million euros 
($65 million).
    Following the deal Intesa will own 25% of Innolva's capital,
with Tinexta retaining the remaining 75% of capital.
    Tinexta expects to add 70,000 new clients over the next five
years after getting access to Intesa Sanpaolo's wider customer
network, with estimated consolidated additional revenues of
between 55 and 60 million euros.
    By 1202 GMT shares in Tinexta rose more than 3%, having
reached earlier in the session a new record-high of 33 euros
each. The stock has gained more than 50% year-to-date. ($1 =
0.8410 euros)

 (Reporting by Andrea Mandalà; editing by Valentina Za)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))