Nets and Concardis have confirmed that they have completed the merger originally announced in June 2018.
Bo Nilsson will lead the combined group as CEO and Robert Hoffmann will continue as Concardis Group CEO, reporting directly to Nilsson.
“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,” comments Nilsson.
The merger creates a business with approximately €500 million of EBITDA and €1.3 billion of net revenue.
The headquarters of the group will be in Ballerup, Denmark, and Nets and Concardis Group will retain their respective brands.
The resulting scale should enable more investments in innovation and service improvements for customers, allowing the group to reinforce its position in the European payments market.
The newly formed group is backed by private equity investors Hellman & Friedman, Advent International and Bain Capital.