Nexi Rejects TPG’s €1 Billion Bid for Digital Banking Unit (1)

Italy’s digital payment company Nexi SpA rejected an offer by TPG for its digital banking solutions unit, marking a new failed attempt to sell it.

Nexi’s board decided it won’t proceed with the sale after “careful consideration” of the offer, according to a statement late on Thursday. Nexi shares fell 0.7% in Milan trading on Friday.

“From a financial perspective, the rejection represents a missed opportunity to accelerate balance sheet deleveraging and to increase focus on core, higher-profitability activities,” Banca Akros analyst Gabriele Venturi wrote in a note on Friday. “Strategically, continuing to retain the interbank network asset, which is ...