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Koutalidis Advises Nexi on MOU with Alpha Bank

Koutalidis Advises Nexi on MOU with Alpha Bank

Greece
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Koutalidis has advised Nexi on the signing of a memorandum of understanding with Alpha Bank in relation to establishing a strategic and long-term partnership in the payments acceptance space in Greece.

According to Koutalidis, “the transaction includes the spin-off of Alpha Bank’s merchant acquiring business into a new entity (NewCo) and the acquisition by Nexi of a 51% stake in NewCo for a EUR 157 million cash consideration, as well as the entering into a long term distribution agreement between the two parties, providing NewCo with access to Alpha Bank’s network in order to distribute payment acceptance products and services to business customers of Alpha Bank in Greece.”

Koutalidis did not reply to our inquiry on the matter.

Editor's note: After this article was published, Zepos & Yannopoulos announced that it had advised Alpha Bank on the transaction. The firm's team included Partner Stamatis Drakakakis and Associates George Vavatsioulas and Ellie Gavriilidou.

According to Zepos & Yannopoulos, Alpha Bank and Nexi announced the signing of a binding agreement for the establishment of their strategic partnership. "The agreed business value of the transaction has been set at EUR 307 million for 100% of Alpha Bank’s Card Acceptance and Transaction Clearing Sector. The closing of that deal is expected in the first half of 2022."

Additionally, Koutalidis announced that the EUR 307 million enterprise value also includes "a contingent earn-out consideration of up to EUR 60 million," and that closing of the transaction remains subject to regulatory approval.

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