Italy’s Nexi SpA agreed to acquire a controlling stake in Banco de Sabadell SA’s payments business for 280 million euros ($295.3 million), as the Italian payments company seeks to expand its footprint.
The Spanish bank said Monday that it had signed an agreement to sell Nexi a 80% stake in its Paycomet SLU payments subsidiary. Sabadell will retain a 20% stake for at least three years, though it will have an option to sell it later on.
The deal is expected to benefit Sabadell’s fully-loaded CET1 capital ratio by 14 basis points.
The bank expects to close the deal in the fourth quarter.