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[November 07, 2012]
Nets Holding acquires 100% stake in Luottokunta
Nov 07, 2012 (Datamonitor Financial Deals Tracker via COMTEX) -- Nets Holding A/S, a Denmark-based provider of payment solutions, information services and digital security solutions, has acquired the entire share capital of Luottokunta Oy, a provider of card payment solutions, from the co-operative Suomen Luotto-osuuskunta for EUR170 million. Both Luottokunta and Suomen are based in Finland.
Announcement (August 10, 2012): Nets Holding has signed an agreement to acquire the entire share capital of Luottokunta from Suomen Luotto-osuuskunta for EUR170 million.
The combined net sales of the joint group pro forma 2011 were EUR850 million, and the combined group will have a total of 2,700 employees. The combined group served 4,900 million card payments of which Nets provides 3,300 million and Luottokunta 1,600 million.
Luottokunta has approximately 500 employees, while Nets has approximately 2,200 employees.
Castren & Snellman Attorneys, Ltd is acting as legal advisor to Suomen Luotto-osuuskunta.
Deal Value (US$ Million) 209.72 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Completed: 2012-11-06 Deal Participants Target (Company) Luottokunta Acquirer (Company) Nets Holding A/S Vendor (Company) Suomen Luotto-osuuskunta Deal Rationale The acquisition of Luottokunta brings Nets vital competencies that will strengthen its position not only in the Finnish market but also in Europe as a whole. The acquisition is expected to make Nets an even stronger partner for its Nordic customers in supporting their business both nationally and internationally.
In addition, Nets offers Luottokunta clients a widening service portfolio, including e-security and information management services, and an immediate access to northern European service network.
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