Italian post announced that “a preliminary agreement has been signed with PostNL and Mutares Holding for the acquisition of the entire share capital of Nexive Group.
The latter is a postal operator already active in Italy, with a share of approximately 12% in correspondence (350 million volumes per year) and approximately 1% in parcels (8 million delivered in 2019). Nexive Group recorded a turnover of around 200 million euros in 2019, employing 1300 employees and over 5000 employees of external partner companies.
The acquisition would allow Poste Italiane to exploit potential economies of scale in order to improve the level of service for the customers of both companies. As part of the transaction, the enterprise value of Nexive was agreed between the parties equal to 60 million euros while the final purchase price will be determined after the due diligence process.
Poste Italiane announces the acquisition of Nexive Group
The final terms and conditions of the agreement will be disclosed to the public as soon as they are defined, with the closing scheduled for the end of January 2021. The transaction will be considered authorized upon indication to the AGCM of suitable measures to prevent the risk of imposition of prices or other contractual conditions that could be burdensome for users. AGCM may request any additions within 30 days of the communication the measures previously proposed by Poste Italiane, also taking into account the economic sustainability of the operation.
“From a strategic point of view, like what happened in other European countries, the structural contraction of the postal market, further aggravated by the effects of the restrictions adopted to deal with the health emergency, makes it urgent to consolidate the correspondence sector and related logistic infrastructures, to safeguard its sustainability, employment levels and the availability of service for customers “, commented Poste Italiane in the note. “The operation would contribute to the sustainability of the postal sector for the benefit of shareholders, workers in the sector, citizens, businesses, the PA and the entire country”.