Nexi said that Alpha Bank, part of Alpha Services & Holdings, would spin off its merchant-acquiring business unit, with Nexi acquiring a 51% stake in the new company to tap Alpha Bank's network in Greece. The Italian company will buy the stake for a cash consideration of EUR 157 million euros based on an enterprise value of EUR 307 million.
Alpha Bank will receive referral fees from the new company in exchange for access to its network. The announcement comes just about two months after French fintech company Worldline agreed to buy most of Greek network-services provider Cardlink to expand in the Greek market, where card transactions are less common than in other European countries, according to MarketWatch.
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