Nets completes EUR170 million acquisition of Luottokunta
06 November 2012 | 2068 views | 0
Today, Nets announces that the acquisition of the largest Finnish payment card business, Luottokunta, with 500 employees and a turnover last year of DKK 840 million, is now a reality.
Nets is paying EUR 170 million for Luottokunta, and the acquisition gives Nets a total of 2,700 employees and an annual turnover of DKK 6.4 billion.
Finland is part of Nets' domestic market
With the Nordic region as Nets' domestic market, Finland is a natural focus area, and the acquisition of Luottokunta gives Nets a strong position in the Finnish market. Moving forward, the acquisition of Luottokunta enhances Nets' ability to continue to create value for its Nordic customers, and at the same time, the acquisition is an important part of Nets' strategy of achieving a leading position among European businesses in the field of payment, information and security solutions
Nets' CEO, Mette Kamsvåg, comments on the acquisition of Luottokunta: "The market for payment services is becoming increasingly international, and this makes new demands on Nets. To enable Nets to remain competitive, to provide the best possible services to our Nordic customers, to be a value-creating business partner and to have the capacity and skills to accompany our customers into the rest of the world, it's vital that we have the added strength and volume that the acquisition of Luottokunta brings. At the same time, the acquisition secures Nets a strong position in Finland, which is a natural part of Nets' domestic market."
Fully integrated into Nets
The acquisition means that Luottokunta will change its name and become a fully-integrated part of the Nets Group, but its offices will remain in Helsinki as before. Luottokunta's owners and management have been seeking the right buyer for some time, and Luottokunta's CEO, Heikki Kapanen, is delighted to see the business becoming part of Nets:"I'm convinced that Nets and Luottokunta are a strong strategic match. In terms of business, skills and culture, Nets is the ideal partner for Luottokunta, and it's very gratifying to have an agreement in place that Nets' and Luottokunta's customers, management and employees can be happy about."
Heikki Kapanen will continue as Senior Country Executive for Finland and head of the Merchant Solutions Business Unit, offering, for example, payment terminals and payment solutions for e-commerce and mobile commerce.