Swedish financial group SEB has agreed to sell its card acquiring business Euroline for SEK2.2bn ($328.73m) to Nordic Capital.
Euroline is a provider of quick and secure card acquiring solutions in Scandinavia. Its portfolio of services includes simplification of payment processes, multi-currency support and risk management support.
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The company, which is based in Stockholm, handled volumes of SEK100 billion in 2013 and employs around 50 people.
Commenting on the deal, SEB president and CEO Annika Falkengren said, "With the new owner and with the large investments in technology and scale to come, Euroline will be able to develop its offerings for the benefit of our corporate customers."
Regulatory changes and rapid technological progress mean increasing demands on economies of scale and large investments in the card acquiring industry," Falkengren added.
The transaction is expected to close during the fourth quarter of 2014, subject to the necessary approvals. SEB expects to book a capital gain of approximately SEK1.9 billion.
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By GlobalDataBefore the transaction closes, SEB has an option to invest up to 25% in the new card acquiring business Nordic Capital intends to develop.
