Danish payments firm Nets has finalised its merger with German peer Concardis Payment Group.

The combined group will have around €500m of earnings before interest, tax, depreciation and amortisation (EBITDA) and €1.3bn of net revenue. It will be based in Ballerup, Denmark and led by Nets CEO Bo Nilsson.

Concardis CEO Robert Hoffmann will retain his existing role and report to Nilsson.

“By combining our market-leading positions as payment champions in the Nordics and the DACH region we will be able to accelerate our European expansion and be a driving force behind the ongoing consolidation in the European payments industry,” Nilsson stated.

Both the companies will continue to operate under their respective brands.

The combined entity will be backed by private equity investors Hellman & Friedman, Advent International as well as Bain Capital.  The deal was first announced in June last year.

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“As a joint Group we look forward to leveraging our combined strengths and further digitising our offerings to drive faster time to market for state-of-the-art, customer-friendly solutions – underlining our joint ambition to be at the forefront of payments innovation,” Hoffmann said.

The completion of the latest deal comes close on the heels of Nets’ acquisition of Polish online payment firms Dotpay/eCard.