Italian payments group Nexi (NEXII.MI) said on Wednesday it no longer has any commitment to acquire Banco Sabadell’s (SABE.MC) retail payments unit, Paycomet, but remains open to negotiating a potential future deal under new terms.

The original agreement, signed in February 2023, involved Nexi purchasing 80% of Paycomet for 280 million euros, with Sabadell retaining a 20% stake for at least three years, alongside a 10-year partnership. The total deal value could have reached approximately 350 million euros ($370 million).

CEO Paolo Bertoluzzo told analysts, “We have no commitment whatsoever any longer… because this was an old deal that was happening in old market conditions. There is no obligation among the two parties.” He added that Nexi is still interested in working with Sabadell, but only under “completely new terms.”

Sabadell declined to comment on the status of potential future negotiations. The move follows Sabadell’s recent defense against a hostile takeover attempt by BBVA (BBVA.MC), which concluded unsuccessfully last month after nearly 18 months of contestation.