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.