Enel’s subsidiary Enel X & Intesa Sanpaolo subsidiary Banca 5 have finalized the acquisition from Schumann Investments, a company controlled by the international private equity fund CVC Capital Partners Fund VI, of 70% of the share capital of Mooney Group, a fintech company operating in proximity banking and payments. Specifically, after having obtained the required administrative authorizations, Enel X acquired 50% of Mooney’s share capital, whereas Banca 5, which previously owned a 30% stake of Mooney, increased its participation to 50%, placing Mooney under the joint control of both parties.Subject to the approval from Mooney’s Board of Directors, which is expected to meet on July 18th, 2022, all the activities related to Enel X’s financial service business in Italy, marketed under the brand Enel X Pay, will be sold to Mooney. Specifically, Enel X will sell to Mooney, for a consideration of about 140 million euros, its stakes equal to 100% of the share capital of Enel X Financial Services, CityPoste Payment, Paytipper and Junia Insurance, hence creating a joint European-based fintech. These transactions are in line with Enel Group’s 2022-24 Strategic Plan and fall under the Stewardship model.
Enel’s subsidiary Enel X & Intesa Sanpaolo subsidiary Banca 5 have finalized the acquisition from Schumann Investments, a company controlled by the international private equity fund CVC Capital Partners Fund VI, of 70% of the share capital of Mooney Group, a fintech company operating in proximity banking and payments. Specifically, after having obtained the required administrative authorizations, Enel X acquired 50% of Mooney’s share capital, whereas Banca 5, which previously owned a 30% stake of Mooney, increased its participation to 50%, placing Mooney under the joint control of both parties.Subject to the approval from Mooney’s Board of Directors, which is expected to meet on July 18th, 2022, all the activities related to Enel X’s financial service business in Italy, marketed under the brand Enel X Pay, will be sold to Mooney. Specifically, Enel X will sell to Mooney, for a consideration of about 140 million euros, its stakes equal to 100% of the share capital of Enel X Financial Services, CityPoste Payment, Paytipper and Junia Insurance, hence creating a joint European-based fintech. These transactions are in line with Enel Group’s 2022-24 Strategic Plan and fall under the Stewardship model.
