- Client:Cassa di Risparmio di Asti S.p.A
- Date:October 2023
- Deal description:
Vitale assisted Banca di Asti in the subscription of a strategic agreement with BCC Pay in the merchant acquiring sector
October 24, 2023 – Cassa di Risparmio di Asti S.p.A. ("Banca di Asti"), BCC Pay S.p.A. ("BCC Pay") and Pay Holding S.p.A. ("Pay Holding") signed an agreement for the transfer of Banca di Asti's merchant acquiring business to BCC Pay. At the same time a long-term commercial agreement will be signed between Banca di Asti and BCC Pay for the promotion and placement of BCC Pay's merchant acquiring products.
The upfront consideration for the transaction is €37 million, with a variable consideration of up to €13 million subject to the achievement of specific targets.
The transaction is aimed at the development, with a digital/fintech innovation perspective, of the services offered to the Bank's clients in the acquiring business which today includes more than 9,000 merchants, a total of about 11,000 POS (point of sales) and in 2022 generated transactions for a volume of about one billion Euro.
The transaction values the Bank's commercial assets and its territorial presence and strengthens the capital structure of the bank.
The closing is subject to the completion of certain preliminary activities and the required authorisations of the relevant authorities.
Vitale acted as financial advisor to Banca di Asti.
- Deal Value: