Enel teams up with Intesa Sanpaolo for Italy payments firm Mooney

FILE PHOTO: A logo of Italian multinational energy company Enel is seen at the Milan's headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo

MILAN (Reuters) - Italian utility Enel SpA has agreed to buy 50% of Italy's Mooney to take joint control of the payments firm with Intesa Sanpaolo SpA and create a European-based fintech group.

Under the deal, which values Mooney at 1.385 billion euros ($1.6 billion), Enel and Intesa will buy out the 70% stake held by a company controlled by private equity CVC Capital Partners. Intesa already owns 30% of Mooney through its Banca 5 unit.