ISNPY Intesa Sanpaolo SPA (PK)

By Mauro Orru

Intesa Sanpaolo SpA is selling its stake in Italian payments company Nexi SpA for up to 653.9 million euros ($675.4 million) in a move to capitalize on the resilience of a sector that has enjoyed a banner two years as more consumers turned to digital payments.

The Italian bank said late Monday that it was selling its roughly 5.1% stake in Nexi through an accelerated bookbuilding procedure for Italian and foreign investors.

Intesa is disposing of up to 67 million shares in Nexi, whose share price closed at 9.76 euros ($10.08) on Monday.

News of the sale comes a week after Nexi reported third-quarter results ahead of analysts' expectations.

The transaction will begin immediately and Intesa may opt to close it at any time, it said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 15, 2022 01:50 ET (06:50 GMT)

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