Italian digital payments firm Nexi has agreed to acquire rival SIA for almost $5.4 billion.
The deal “creates a European giant in the fast-consolidating payments sector,” according to reporting in the Wall Street Journal.
Milan-based Nexi, used by consumers, business and governments to make, process and manage digital payments in-store or online, is Italy’s largest payments processor and is one of the top 10 payments companies in Europe. The acquisition of SIA, also based in Milan, but which serves many other countries in Europe, would almost double Nexi’s 2019 annual revenue.
The combined organization will be the largest payments company in continental Europe and will process payments for roughly 2 million merchants and manage 120 million cards and processing more than 21 billion transactions a year.