By Olivia Bugault

UniCredit SpA and Italian fintech company SIA SpA jointly confirmed late Monday that they are in exclusive talks on the renewal of their agreement on card-processing services.

"UniCredit and SIA confirm that they have entered into exclusive negotiations about their current outsourcing agreement for the supply of certain processing services in Italy, Austria and Germany concerning card transactions and the management of POS and ATM terminals, and its renewal until 2036," SIA and the Italian bank said.

The companies confirmed the negotiations after Italy's Nexi SpA agreed to acquire SIA late Sunday for about 4.6 billion euros ($5.42 billion), a deal that would create a European giant in the payments sector.

The transaction binding documents are expected to close in early 2021, in line with the estimated timetable for Nexi-SIA merger, it said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

October 06, 2020 01:20 ET (05:20 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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