MADRID (Reuters) -Spanish bank Sabadell said on Monday it had agreed to sell its retailers' payments business to Nexi for up to about 350 million euros ($370 million), and struck a 10-year partnership with the Italian payments firm. Under the deal, Nexi will buy 80% of Paycomet, Sabadell's payments subsidiary, for 280 million euros, with the Spanish lender retaining a 20% stake for at least three years. "After that period, Banco Sabadell will have an option to sell its 20% stake and, as such, the total transaction amount has been fixed at 350 million euros and may be increased depending on the achievement of objectives," Sabadell said, confirming a Reuters report from earlier this month.
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European shares rose on Thursday as upbeat results eased some worries about a profit hit from higher borrowing costs, while U.S. economic data bolstered hopes of a soft landing. Most STOXX 600 sectors were up, led by a 2.2% rise in retailers, followed by financial services and banks which climbed 1.9% and 1.6% respectively. Along with corporate earnings, the market focus is now on upcoming interest rate decisions from the Federal Reserve and the European Central Bank (ECB) next week.