Danish payment provider Nets has reached an agreement to acquire the merchant acquiring business (NMA) of Nordea Bank for EUR230m on an enterprise value basis.
NMA operates as part of Nordea’s payment unit managing acquiring of international payment cards in the Nordic and Baltic regions.
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Nets Group executive vice president merchant services Asger Hattel said: "The acquisition enhances Nets’ ability to deliver first-class integrated acquiring services to a total of approx. 240,000 merchants across the Nordic and Baltic region."
The acquisition will enable Nets to provide integrated acquiring services to its customers across the Nordic and the Baltic region.
Subject to customary regulatory approval, the deal is scheduled to complete in the fourth quarter of this year.
As part of the deal, 40 staff in Nordea’s merchant acquiring unit will become part of the Nets merchant services business unit.
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By GlobalDataNordea said that the transaction will result in a capital gain after tax of around EUR175m that will be recognized under other operating income upon closing of the deal.
Hattel added: "The combined businesses of Nordea Merchant Acquiring and Nets fits perfectly into Nets’ strategy following the rapid evolvement of the payment market.
"Close collaboration with the Nordic banks is a key element in Nets’ strategy. The improved Nets unit will be dedicated to service both Nordea merchant customers and other merchants across the Nordic region with the best possible solutions within payments."
Nordea head of retail banking Lennart Jacobsen said: "The sale of the NMA business and the establishment of a partnership with Nets will secure a long-term Merchant Acquiring offering to our corporate customers on competitive terms."
