ICBPI acquisition of Banca Monte dei Paschi di Siena's merchant acquiring business

Overview:

• Istituto Centrale delle Banche Popolari Italiane (ICBPI) has acquired the merchant acquiring business of Banca Monte dei Paschi di Siena (BMPS).
• The deal has an enterprise value of €520 million.
• The deal includes a ten year agreement which will give ICBPI access to BMPS's distribution network and customers.
• BMPS's merchant acquiring business serves around 100,000 customers through a network of approximately 2100 branches in Italy.
• ICBPI is a Milan based financial services provider which provides payment services, interbank clearing and securities services. It was acquired by Advent International, Bain Capital and Clessidra in 2015.

Sam Duke - Editor