Danish-Norwegian card processor Nets is set to
acquire Finland’s Luottokunta.
The acquisition aims to further expand Nets
business in the Scandinavian market.
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“The acquisition of Luottokunta brings
Nets vital additional competencies that will strengthen our
position not only in the Finnish market but also in Europe as a
whole. The acquisition will make us an even stronger partner for
our Nordic customers in supporting their business both nationally
and internationally,” said Nets chief executive Mette Kamsvåg.
Nets was established in 2010 through the merge
of two Scandinavian companies operating in the electronic payments
industry, the Danish PBS Holding and the Norwegian
Nordito.
Luottokunta provides payment solutions
for banking, corporate costumers and merchants. It is the largest
processor of Visa and MasterCard transactions in the country, and
in 2011, its Visa and MasterCard schemes generated about EUR36
bn (USD44 bn).
The deal is waiting for approval by the
Finnish financial authority.
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