Strongly rising session for Nexi on Piazza Affari, supported by rumors about a possible return of CVC Capital Partners to the Milanese paytech dossier. Rumors about a possible offer from the private equity fund have given wings to the fintech stock, which jumped to the top of the main list with an increase of 6.4% to 4.106 euros per share, the highest since the beginning of the year. The performance contrasts with the flat trend of the FTSE MIB, which in the same session moved essentially unchanged in the 48,040 point area.
The 9 billion delisting hypothesis
According to what was reported by Financial TimesCVC could put 9 billion euros on the table for the delisting of Nexi. The fund is apparently evaluating the operation after the collapse of the stock recorded in recent years. From the historic high of July 2021 at 19.40 euros, the stock has lost approximately 78%. However, the operation would be likely to encounter authorization obstacles (Golden Power), due to the presence of the Digital Banking Solutions (DBS) division, a business that includes the national interbank network, the sale of which to the American fund for around 1 billion euros had already been blocked in December 2025 due to CDP’s opposition.
The scheme of the operation
One possible structure involves the spin-off of the Digital Banking Solutions (DBS) division, considered a national strategic asset, with its transfer to a domestic investor such as Cassa Depositi e Prestiti, to facilitate approval. The plan being studied involves an industrial restructuring aimed at transforming Nexi into a software company for payment technology services. However, it should be underlined that a previous offer of around 1 billion euros for this asset has already been rejected due to opposition from CDP.
The Golden Power knot
The operation is still in the preliminary phase and is subject to the approval of the Italian government, which could also decide to apply the Golden Power, given the strategic importance of the group’s assets. According to the Financial Times, the fund will not present the offer unless the Italian government is in favor, while the other major shareholder of Nexi, Hellman & Friedman, which has a 22% stake, is not currently in negotiations but would respond to a possible offer.
Analysts’ doubts
For Intermonte analysts, the 9 billion are in line with Nexi’s enterprise value, which includes market capitalization and net debt. However, Intermonte itself sees high uncertainty about the credibility of the operation, its execution and political alignment, which represent the main obstacles to a possible transaction. Along the same lines, Banca Akros, according to which any potential take-private scenario would encounter significant obstacles if not aligned with the strategic position of Cassa Depositi e Prestiti, a role defined as a key factor in determining Nexi’s future strategic flexibility. Equita also highlights how the process remains highly uncertain.
