French payments specialist Ingenico has completed the €1.5bn ($1.73bn) acquisition of its Swedish rival Bambora from Nordic Capital.

The deal, first announced in July this year, has received all approval from the relevant regulatory and antitrust authorities.

Ingenico expects the deal to enables it accelerate the development of its Retail division through a direct-to-SMB channel in the Nordic countries and to deploy the successful model of Bambora in new markets.

The French firm also expects the acquisition to enhance its full-service offer with a modern and efficient acquiring platform and also extends its geographical exposure, both online and in-store.

Ingenico chairman and CEO Philippe Lazare said: “From a purely hardware company selling terminals to banks & acquirers, Ingenico Group has, over the past decade, continuously shifted its model towards payment services. Bambora is a key milestone in that strategy.

“Its integration into our group will enable us to scale up our Retail business, which is key on our path to further improve our position as an undisputable leader of the seamless and omnichannel payment experience. The whole group joins me in warmly welcoming all the employees of Bambora and I look forward to working closely with them.”