In a strategic move to simplify its portfolio and reinforce its position as a leading PayTech company in Europe, Nexi (BIT:NEXII) has agreed to sell its electronic identification (eID) business to IN Groupe. This transaction aligns with Nexi's objectives set during the Capital Markets Day in September 2022 and reflects the company's focus on expanding digital payments across the continent.
The acquisition, announced Today by IN Groupe CEO Didier Trutt, includes critical components of Denmark's eID infrastructure, such as MitID and NemLog-in. These elements were developed by Nets, which Nexi acquired in a $9.2 billion deal back in 2020. The sale is poised to enhance IN Groupe's portfolio while ensuring compliance with upcoming European regulations, including eIDAS2.0 and NIS2.
Torsten Hagen Jørgensen, Global Head of Issuing Solutions at Nexi, views the divestment of the eID business as a significant step towards portfolio rationalization. By selecting IN Groupe, a leader in identity and trust solutions, Nexi entrusts the continuation of high-standard eID solutions to a capable successor. This move is expected to allow Nexi to concentrate on its core ambition of driving digital payment expansion throughout Europe.
The completion of this deal is subject to standard closing conditions and awaits approval from the Danish government. Given Nets/Nexi's pivotal role in Denmark's digital ID landscape, the acquisition by IN Groupe is anticipated to support its geographical growth and enhance its delivery of state-of-the-art ID and trust services across Europe.
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