Koutalidis Law Firm advised Nexi Group on the successful completion of its strategic partnership with Alpha Bank in the area of digital payments. Following the signing of the first transaction documents in November 2021, fulfillment of the conditions precedent and obtainment of the regulatory clearances, the closing of the transaction was completed on 30 June 2022.
Under the transaction structure, Alpha Bank carved out its merchant acquiring business unit, by way of a spin-off, to a new entity, which received a payment institution license by the Bank of Greece and shall be operating under the name “Nexi Payments Greece S.A.”.
Nexi acquired a 51% stake in the new entity while the parties also entered into a long-term marketing and distribution agreement, pursuant to which Alpha Bank will be the exclusive distributor for products and services in the Greek market through its widespread Branch Network across Greece.
Nexi will consolidate the new company, which is expected to contribute over 196,000 POS terminals and EUR 12 billion of volumes. Nexi Payments Greece is expected to generate approximately EUR 94 million of revenues in 2022 (gross merchant fees), on a proforma basis and pre-synergies.