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February 11, 2019

Nets agrees Przelewy24 JV

By Douglas Blakey

Denmark headquartered payments firm Nets agrees Przelewy24 JV as it ramps up its expansion into Poland.

Last June, Nets agreed a €73m deal to acquire Polish online payment providers Dotpay/eCard.

Following that acquisition Nets attains a majority stake of 51% in the consolidated Polish group that includes Przelewy24 and Dotpay/eCard.

Piotr Kurczewski will continue as CEO and shareholder of Przelewy24, with 49% of the consolidated group. In addition, Andrzej Budzik will continue as CEO of Dotpay/eCard.

The two deals represent a significant entry by Nets into Poland, Europe’s sixth largest economy.

Nets agrees Przelewy24 JV: increasing merchant services portfolio

Group CEO of Nets, Bo Nilsson, says: “Przelewy24 has performed very well in recent years. It is achieving continued growth in volume and revenue. This strategic alliance increases our presence in the merchant services area in Poland.

In combination with Dotpay/eCard, we aim to further strengthen our presence in Poland through consolidation and strong commercial initiatives.”

Przelewy24 has a comprehensive product suite within e-commerce. As part of Nets Group it will benefit from a broader portfolio of state-of-the-art e-commerce solutions, increased industrial scale and synergies through joint innovation.

CEO of Przelewy24, Piotr Kurczewski, comments: “With our offerings in the e-commerce area we will further strengthen our combined merchant services portfolio. As part of the Nets Group we will be able to speed up innovation, building on our joint capabilities to the benefit of merchants, partners and consumers.”

Przelewy24 employs around 100 people and its 2018 gross revenues were more than €20m. The agreement is subject to customary approvals by the relevant Polish authorities.

In January, Nets finalised its merger with German peer Concardis Payment Group.

As a result, the newly enlarged group creates a business with approximately €500m of EBITDA and €1.3bn of net revenue.

The merged group is headquartered in Ballerup, Denmark, and Nets and Concardis Group retain their respective brands.

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