Nets Closes Acquisition of OP Financial's Finland Merchant Acquiring Business.
M2 EQUITYBITES-July 3, 2017-Nets Closes Acquisition of OP Financial's Finland Merchant Acquiring Business
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3 July 2017 - Danish digital payment services company Nets A/S has closed the acquisition of the merchant acquiring business from OP Financial Group in Finland, the company said.
The business consists of approximately 15,000 merchant contracts with an underlying annual card turnover of around DKK 37bn from Visa and MasterCard transactions in Finland.
Nets said the agreement includes a ten-year strategic partnership with a referral arrangement for merchant acquiring and point-of-sale services covering Finland and the Baltic region.
The partnership will provide OP's customers with a wider range of merchant payment solutions, while Nets will benefit from OP's strong brand recognition and distribution to merchants in Finland.
This services will be operated under the Nets brand.
Total consideration consists of an initial cash payment of DKK 179m (USD 27.35m) and an expected deferred payment on a discounted basis of around DKK 45m, dependent on how the acquired business develops over the contract period.
Nets is a provider of digital payment services and related technology solutions across the Nordic region.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 3, 2017|
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