ICA clears merger between Fondo Strategico Italiano and Bancomat
On 10th January 2024, the Italian Competition Authority (AGCM) cleared the acquisition of Bancomat S.p.A., Italy’s domestic payment scheme, by Fondo Strategico Italiano (FSI), a major Italian private equity fund, following a Phase I review.
AGCM examined vertical relations between the Parties in processing, card issuing and merchant acquiring. Following its investigation, the AGCM found no evidence that the merger would lead to a substantial lessening of competition.
A CRA team led by Patrick Andreoli-Versbach supported FSI through the transaction, showing, inter alia, that payment services are a rapidly evolving and dynamic industry subject to competitive constraints from European players at all levels of the value chain. CRA also played a pivotal role in showing that the Parties are highly complementary.
Further details are available here.