Private equity firm CVC is considering a €9 billion bid to take Italian payments group Nexi private, a move complicated by political sensitivities over control of Italy's financial infrastructure. The proposal comes after Nexi's shares collapsed 65% over four years, reflecting pressure on Europe's payment groups to cut fees and increased competition from fintech rivals.

CVC, which previously explored takeovers in 2015 and 2023, would structure the deal with €6 billion in debt. Italy's "golden power" rules could block foreign acquisitions of financial infrastructure, prompting CVC to consider carving out Nexi's digital banking solutions segment and transferring it to a state-backed investor like Cassa Depositi e Prestiti.

CDP, Nexi's second-largest shareholder, appears unsupportive of a delisting. Last year, Nexi rejected a €1bn offer from TPG for its digital banking division. The proposed restructuring aims to address Italian officials' concerns following Nexi's rapid expansion that triggered a share price drop and soured investors on its once cash-generative business model.