UniCredit, SIA Confirm Talks on Renewal of Card-Processing Services Agreement
October 06 2020 - 1:35AM
Dow Jones News
By Olivia Bugault
UniCredit SpA and Italian fintech company SIA SpA jointly
confirmed late Monday that they are in exclusive talks on the
renewal of their agreement on card-processing services.
"UniCredit and SIA confirm that they have entered into exclusive
negotiations about their current outsourcing agreement for the
supply of certain processing services in Italy, Austria and Germany
concerning card transactions and the management of POS and ATM
terminals, and its renewal until 2036," SIA and the Italian bank
said.
The companies confirmed the negotiations after Italy's Nexi SpA
agreed to acquire SIA late Sunday for about 4.6 billion euros
($5.42 billion), a deal that would create a European giant in the
payments sector.
The transaction binding documents are expected to close in early
2021, in line with the estimated timetable for Nexi-SIA merger, it
said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
October 06, 2020 01:20 ET (05:20 GMT)
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