Investor Presentaiton
Partnership with Nexi offers significant benefits based on terms and structure
nexi
Project Prometheus
Strategic partnership in
merchant acquiring business
Description
MoU Signed
•
MOU signed on 3 August 2021
between Alpha Bank and Nexi
S.p.A. to form long-term
partnership
Key transaction terms (on 100% basis)
Value Item
Strategic partnership
approach used for
transaction structure
2
Valuation
Strategic partnership with EU
payments leader offers unique
proposition with high growth
prospects in rapidly evolving Greek
market
3
Earnouts
Amounts
(in € mn)
Comments
Up to 60
Nexi to acquire 51% | Alpha Bank to retain 49%
Expectation of significant growth and profitability in the
payments space, allowing Alpha Bank to retain upside potential
Multiple for the existing business at the higher end of current
trading multiples capturing future performance
Alpha Bank to see capital gain and retained stake revaluation
Cash consideration for stake sold received at closing
Significant upside potential based on business plan
achievement and actual profitability
307
Additional payments to Alpha Bank within 4 years from Closing
Structure ensures optionality for
further business development
Total price for business
Up to 367
and growth in earnings stream
Status
Final contractual arrangements
under negotiation between parties
4
Referral
Agreement
c.200
Locking in of material future fee income flow of c.€7-8m per
annum (on average) on top of transaction economics
Rebate paid to Alpha Bank, calculated as % of net revenues (for
duration of partnership)
Impact
Positive P&L impact and
~60bps CAD accretion
Total value to the Bank
c.570
Timing
Final agreement expected in
Q4 2021
6
ALPHA
SERVICES AND HOLDINGSView entire presentation