By Mauro Orru

Shares of Italian payments company Nexi SpA plunged in early Tuesday trading after Intesa Sanpaolo SpA said it was selling its Nexi stake for up to 653.9 million euros ($675.4 million).

At 0850 GMT, Nexi shares traded 9.8% lower at EUR8.80.

The Italian bank said late Monday that it was selling its roughly 5.1% stake in Nexi through an accelerated bookbuilding procedure for Italian and foreign investors.

Intesa is disposing of up to 67 million shares in Nexi, whose share price closed at 9.76 euros ($10.08) on Monday.

News of the sale comes a week after Nexi reported third-quarter results ahead of analysts' expectations, underscoring the resilience of a sector that has enjoyed a banner two years as more consumers turned to digital payments.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 15, 2022 04:10 ET (09:10 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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