- Enel, through Enel X, and Intesa Sanpaolo, through Banca 5, finalized the acquisition, respectively, of 50% and 20% of Mooney Group share capital from Schumann Investments S.A., a company controlled by the international private equity fund CVC Capital Partners Fund VI
- As a result, Enel X and Banca 5 now hold a 50% stake each in Mooney Group
- Mooney Group is subsequently expected to finalize the acquisition from Enel X of the latter’s entire financial service business, hence creating a joint European-based fintech
Rome, July 14th, 2022 – Today, Enel S.p.A. ("Enel"), acting through its wholly-owned subsidiary Enel X S.r.l. (“Enel X”), and Intesa Sanpaolo S.p.A., acting through its subsidiary Banca 5 S.p.A. (“Banca 5”), finalized the acquisition from Schumann Investments S.A., a company controlled by the international private equity fund CVC Capital Partners Fund VI, of 70% of the share capital of Mooney Group S.p.A. (“Mooney”), 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.
On the basis of a 1,385 million euro enterprise value of 100% of Mooney, Enel X paid a total consideration of approximately 225 million euros (including the price adjustment) for the equity portion and approximately 125 million euros for the purchase of a pre-existing credit of Schumann Investments S.A. against Mooney. At the same time, Intesa Sanpaolo paid a consideration of approximately 89 million euros for the equity portion (including the price adjustment).
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 X is the Enel Group’s company that offers services to accelerate innovation and drive the energy transition. World leader in the sector of advanced energy solutions, Enel X manages services such as demand response for approximately 6.6 GW of total capacity globally and 59 MW of behind-the-meter storage capacity installed worldwide. Through its advanced solutions, including energy management and financial services, Enel X provides each partner with an intuitive and personalized ecosystem of technological platforms and consulting services, focused on the principles of sustainability and the circular economy in order to provide people, communities, institutions and companies with an alternative model that respects the environment and integrates technological innovation into daily life. Each solution has the power to transform the goals of decarbonization, electrification and digitalization into sustainable actions for all, in order to build a more sustainable and efficient world together.
Banca 5 is the Intesa Sanpaolo Group company specialized in open digital banking, focused on the development of instant banking products and services, offered through commercial agreements with proximity networks and third parties, particularly in the fintech sector. Banca 5 develops collection-payment services, transactional tools and simple banking products that can be distributed both to the Group's own customers, its partners’ customers and to all consumers. Banca 5 was founded in 2017 with the aim of developing a "proximity bank" to support Intesa Sanpaolo’s distribution strategy, and in January 2020 it joined with the Sisal Group to create Mooney.
Mooney is active in the payment and banking services sector and, with its approximately 45,000 points of sales, is an Italian operator with an extensive proximity network. In 2020, Mooney registered revenues of approximately 153 million euros and an EBITDA of approximately 82 million euros. Net revenues grew by about 17% CAGR in the 2019-2021 period, while EBITDA grew by about 9% CAGR in the same timeframe. The company has approximately 20 million customers and every year processes approximately 20% of all electricity bills (equal to about 18 million bills) issued by the Enel Group. Furthermore, through its stake in MyCicero, Mooney manages a digital platform that provides over 2 million customers with mobility services (parking and intermodal transport).
Enel, which celebrates its 60th anniversary this year, is a multinational power company and a leading integrated player in the global power and renewables markets.
At global level, it is the largest renewable private player, the foremost network operator by number of end users and the biggest retail operator by customer base. The Group is the worldwide demand response leader and the largest European utility by ordinary EBITDA .
Enel is present in 30 countries worldwide, producing energy with over 90 GW of total capacity.
Enel distributes electricity through a network of over 2.2 million kilometers to more than 75 million end users. The Group brings energy to around 70 million homes and businesses. Enel’s renewables arm Enel Green Power has a total capacity of more than 54 GW and a generation mix that includes wind, solar, geothermal, and hydroelectric power, as well as energy storage facilities, installed in Europe, the Americas, Africa, Asia, and Oceania. Enel X Global Retail, Enel's global advanced energy services business line, has a total capacity of around 6.6 GW of demand response managed globally and has installed 59 MW of behind-the-meter storage capacity. In addition, Enel X Way is the Group’s new global business line fully dedicated to electric mobility, managing nearly 350,000 public and private EV charging points worldwide, both directly and through interoperability agreements.
 Enel’s leadership in the different categories is defined by comparison with competitors’ FY 2021 data. Publicly owned operators are not included.
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Intesa Sanpaolo is Italy’s leading banking group – serving families, businesses and the real economy – with a significant international presence. Intesa Sanpaolo’s distinctive business model makes it a European leader in Wealth Management, Protection & Advisory, highly focused on digital and fintech. An efficient and resilient Bank, it benefits from its wholly-owned product factories in asset management and insurance. The Group’s strong ESG commitment includes providing €115 billion in impact lending by 2025 to communities and for the green transition, and €500 million in contributions to support people most in need, positioning Intesa Sanpaolo as a world leader in terms of social impact. Intesa Sanpaolo is committed to Net Zero by 2030 for its own emissions and by 2050 for its loan and investment portfolios. An engaged patron of Italian culture, Intesa Sanpaolo has created its own network of museums, the Gallerie d’Italia, to host the bank's artistic heritage and as a venue for prestigious cultural projects.
For the dissemination to the public and the storage of regulated information made available to the public, Enel S.p.A. has decided to use respectively the platforms “eMarket SDIR” and “eMarket Storage”, both available at the address www.emarketstorage.com and managed by Spafid Connect S.p.A. with registered office in Milan, at Foro Buonaparte, 10. The aforementioned services are authorized by Consob (resolution No.19878 of February 15th, 2017, related to the mechanism for the dissemination to the public of regulated information “eMarket SDIR” and resolution No. 19879 of February 15th, 2017, related to the mechanism for the central storage of regulated information “eMarket Storage”).
From May 19th 2014 to June 30th 2015, Enel S.p.A. used the authorized mechanism for the storage of regulated information denominated “1Info”, available at the address www.1info.it, managed by Computershare S.p.A. with registered office in Milan and authorized by Consob with resolution No. 18852 of April 9th, 2014.