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Closing: Nexi Partnership with Alpha Bank Now Closed

Closing: Nexi Partnership with Alpha Bank Now Closed

Greece
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On July 7, 2022, Koutalidis announced that Nexi Group’s strategic partnership with Alpha Bank in the area of digital payments (reported by CEE Legal Matters on August 19, 2021) had been perfected, on June 30, 2022, following the receipt of regulatory clearance.

As previously reported, Koutalidis advised Nexi and Zepos & Yannopoulos advised Alpha Bank on their memorandum of understanding 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.”

According to Zepos & Yannopoulos, “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.” Additionally, Koutalidis announced that the transaction included “a contingent earn-out consideration of up to EUR 60 million.”

Zepos & Yannopoulos' team included Partner Stamatis Drakakakis and Associates George Vavatsioulas and Ellie Gavriilidou.