Poste Italiane has acquired postal carrier Nexive, consolidating the Italian market.
The acquisition, expected to close in January 2021, values Nexive at €60 million, although the final purchase price will be determined later.
With turnover of €200 million in 2019 and 1300 employees, Nexive has a market share of 12% in correspondence and 1% in packages, equivalent to around 8 million annually.
The purchase will allow both companies to achieve greater economies of scale through consolidation. All postal operators are reckoning with the long-term decline of letters and the need to pivot towards the parcel market as it expands due to ecommerce.
Nexive said in a statement: “From a strategic point of view, like what happened in other European countries, the structural contraction of the postal market, further aggravated by the effects of the restrictions adopted to deal with the health emergency, makes it urgent to consolidate the correspondence sector and related logistical infrastructures, to safeguard its sustainability, employment levels and service availability for customers.”