Enel and Intesa Sanpaolo completed the acquisition of a 70% stake in Mooney Group from CVC Capital for $1.1bn.

Enel, an integrated electricity and gas distributions company, and Intesa Sanpaolo, a banking and financial services provider, completed the acquisition of a 70% stake in Mooney Group, a payment services operator with an extensive proximity network, from CVC Capital, a private equity firm, for $1.1bn. Intesa Sanpaolo, which already owns 30% of Mooney, and Enel each hold 50% in the company. "This acquisition represents a good growth opportunity for us in the fintech space that is a good complement of the Enel Group’s new industrial vision, with digital payments being increasingly utilized on power bills as well as on advanced, ‘beyond commodity’ services, such as electric mobility. With digital payments we can meet customer convenience and flexibility needs, in line with our client-centric approach. We are looking forward to cooperating with our new partner, Intesa Sanpaolo, with a view to offer an ever-wider array of services and continue to meet the growing needs of our customers in an increasingly effective way," Francesco Starace, Enel CEO and General Manager.