US Fund TPG Offers €1 Billion for Nexi Digital Banking Unit.

TPG has made a €1 billion binding bid for Nexi's digital banking solutions unit, giving the company until mid-December to decide. The investment fund previously made a preliminary bid of €800 million in March, but talks slowed due to shareholder resistance and the Italian government's view that the infrastructure is of national strategic importance. Nexi's CEO has built the firm up through acquisitions, but the industry is under pressure with a squeeze on margins and a market value down by three quarters in four years.