Nexi Shares Fall Sharply After Intesa Sanpaolo Sells Stake
November 15 2022 - 4:25AM
Dow Jones News
By Mauro Orru
Shares of Italian payments company Nexi SpA plunged in early
Tuesday trading after Intesa Sanpaolo SpA said it was selling its
Nexi stake for up to 653.9 million euros ($675.4 million).
At 0850 GMT, Nexi shares traded 9.8% lower at EUR8.80.
The Italian bank said late Monday that it was selling its
roughly 5.1% stake in Nexi through an accelerated bookbuilding
procedure for Italian and foreign investors.
Intesa is disposing of up to 67 million shares in Nexi, whose
share price closed at 9.76 euros ($10.08) on Monday.
News of the sale comes a week after Nexi reported third-quarter
results ahead of analysts' expectations, underscoring the
resilience of a sector that has enjoyed a banner two years as more
consumers turned to digital payments.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
November 15, 2022 04:10 ET (09:10 GMT)
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