Italy’s state lender Cassa Depositi e Prestiti (CDP), a key investor in payments group Nexi, is opposing the sale of a majority stake in the company’s digital banking solutions business to U.S. private equity fund TPG, according to multiple reports. The pushback comes just days after Milan-based Nexi confirmed it had received a binding offer from TPG valued at approximately €1 billion, as Antitrust Intelligence recently covered.
The Italian government and CDP, which holds a 19.14% stake as Nexi’s second-largest shareholder, are against a full divestment of the unit due to its strategic importance to the country’s financial infrastructure, according to sources close to the matter. The division is not just a technology provider; it operates Italy’s national interbank network, an infrastructure connected to the Bank of Italy for settling banking transactions. This has raised concerns within the government about foreign control over a critical national asset.
While CDP is blocking a majority sale, reports indicate it remains open to cooperating with investors interested in taking minority stakes to support the business’s development and help Nexi grow its assets.
TPG submitted its €1 billion (approximately $1.16 billion) binding offer to Nexi’s board in early November following several months of negotiations. Nexi confirmed receipt of the conditional offer on 7 November and stated its board would review it. The U.S. fund had reportedly given Nexi until mid-December to evaluate the proposal.
The digital banking unit provides technology for open banking, corporate banking services, and interbank clearing systems. It is a profitable business, having generated €155 million in core earnings in 2024.
The Italian government’s intervention reflects a broader European trend toward “digital sovereignty,” as governments seek to protect strategic financial sectors and reduce reliance on U.S. payment giants such as Visa. This move comes as Nexi faces significant market pressure from FinTech rivals and instant payment platforms. The company’s market capitalization has fallen to just under €5 billion, a stark drop from its peak valuation of over €20 billion in July 2021.
Nexi, TPG, and CDP have all declined to comment on the state lender’s opposition.