Italian payments group Nexi has announced that it no longer has any commitment or obligation to buy Sabadell's retailers' payments unit.
Following this announcement, officials of the company also mentioned that Nexi will remain open to discussing a possible future deal on different terms.
According to Reuters, Sabadell had postponed the overall completion of the sale after becoming the target of a takeover by BBVA, which last month failed, ending an almost 18-month dispute.
More information on BBVA’s strategy of buying Sabadell
Back in September 2025, Spain-based financial institution BBVA announced its plans to scale the value of its offer to buy Sabadell by 10% to EUR 17 billion. The Spanish bank intended to increase the overall value of its offer. However, BBVA was expected to also drop a cash component, as the financial institution has been working on acquiring Sabadell for approximately 18 months.
BBVA and Sabadell have been working on the takeover since May 2024, with the initiative becoming more complicated due to the Spanish government’s hostility toward the deal. Earlier in 2025, officials intervened in the overall transaction, saying that BBVA would not be allowed to merge with Sabadell for a minimum of three years even if it succeeded.
BBVA announced its improved offer on 22 September 2025, nearly two weeks before the offer period was set to finish. At the same time, the new offer accounts for one BBVA share for every 4.8375 Sabadell shares, which the bank mentioned that it represented a 10% rise. It values Banco Sabadell shares at nearly EUR 3.39 per share, based on BBA’s closing share price of EUR 16.41 on 19 September 2025.
Previously, BBVA offered one of its own shares and EUR 0.70 in cash for every 5.5483 ordinary Sabadell shares. Before this bid, Sabadell was valued at nearly EUR 15 billion. Additionally, BBVA stated that the overall tender period for its offer was expected to be delayed until Spain’s market regulator approves the new offer. The financial institution also emphasised that its board had agreed to waive the possibility of further raises in the offer consideration, as well as the possibility of increasing the acceptance period.
