European payments firms Nets and Concardis have finalised their merger which was first announced back in June 2018.
The merged entity will be worth roughly €500 million of EBITDA and €1.3 billion in net revenue. It will be based in Denmark, where Nets is based, and will be led by Nets CEO Bo Nilsson. Meanwhile Robert Hoffman will continue in his role as CEO of Germany-based Concardis, reporting to Nilsson.
The executive arrangement is in keeping with the decision to retain the two brands for the interim.
Consolidation has been on the increase in the payments market as providers look to industrialise their operations in the search for scale.
“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,” said Nilsson.