Italian payment services group SIA is close to appointing an adviser for a potential Milan stock exchange listing while a tie-up with bigger rival Nexi also remains on the table, two sources close to the matter said on Thursday.
An initial public offering (IPO) is only of the one options for state-controlled SIA alongside any Nexi deal to build an Italian champion in the fast-growing payments sector.
Markets have been speculating about a possible merger since Nexi listed last April in one of Europe's biggest IPOs of the year.
Nexi's private equity owners Advent International, Bain Capital and Clessidra said in December that contact with SIA had not progressed beyond a preliminary stage.
One source familiar with the matter has said that valuation issues were among the sticking points.
SIA and Nexi declined to comment on Thursday.
A year ago SIA Chief Executive Nicola Cordone said the group was considering an IPO that could value the company at 3.5 billion euros ($3.9 billion).
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