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German banks prep sale of Concardis payments JV - Reuters

06 October 2016  |  5262 views  |  0 German flag

A group of German banks are looking to sell their Concardis payments unit in a deal that could be worth up to EUR500 million, according to Reuters.

ConCardis has a 30 year history in the card payments markets, claiming some 110,000 customers at 210,000 locations and with more than 470,000 connected terminals. Last year the firm posted a net profit of EUR24.2 million on sales of EUR480 million.

The group is owned by a consortium of savings, privately held and cooperative banks. According to Reuters, some of these owners, including Deutsche Bank and Commerzbank, are keen to sell up, although other partners may want to keep their shares.

Private equity groups and other payment firms have expressed interest in a takeover and ConCardis is now preparing data for bidders ahead of expected offers in November, says Reuters. Advent, Bain, Ingenico and First Data have all been touted as potential buyers.
 

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