Advent International, ATP and Bain Capital (the “Consortium”) have today signed an agreement to acquire 100% of the share capital of Nets from the existing shareholders, a group of 186 primarily Danish and Norwegian banks, for a cash consideration of DKK 17.0 billion, corresponding to a price per share of DKK 92.37.
In addition, the shareholders will receive the dividend for 2013 totalling DKK 498 million, or DKK 2.70 per share. The transaction is subject to regulatory approvals/confirmations and is expected to close in the second quarter of 2014.
Nets, headquartered in Copenhagen, is a leading Northern European provider of payments, information and digital identity solutions. Founded in 1968, Nets has a strong history of securely handling payments transactions.
Nets employs 2,600 employees in five countries (Denmark, Norway, Finland, Sweden and Estonia) and connects banks, merchants and businesses through its network. In 2013, the company handled more than 6 billion card transactions supporting more than 33 million payment cards and over 500,000 merchants in the Nordics.
Peter Lybecker, Chairman, Nets: “Today’s announcement has been preceded by an extensive review of Nets’ strategic alternatives. The outcome of this review was that Nets needs a new owner with the expertise, commitment and financial resources to develop the business in a rapidly changing payments industry.
The overriding focus for the Board of Directors of Nets has been to select the best owner out of many interested parties with a clear understanding of the role Nets plays in society, including the importance of developing Nets’ unique sector solutions such as Dankort and BankAxept and the need for safeguarding data.”
“I am confident that we have found a highly qualified owner of Nets in the Consortium consisting of Advent International, ATP and Bain Capital, which balances strong local support and understanding with extensive global expertise in the payments sector. On behalf of the shareholders, we look forward to working with the new owner as ongoing customers and strategic partners.”
Leif Teksum, Deputy Chairman, Nets: “We are pleased with the outcome of the process to have found a highly experienced group of investors that are well-positioned to further enhance Nets’ offering to the benefit of all stakeholders.
The shareholders and the Board of Directors have carefully considered the implications of an ownership change in Nets as well as the suitability of a number of potential buyers. We are satisfied that the existing regulatory framework around Nets will be upheld and that we have robust contracts in place around critical infrastructure services that will be honoured by the new owner.”
The Consortium is offering a cash consideration of DKK 17.0 billion for 100% of the share capital of Nets Holding A/S, corresponding to a price per share of DKK 92.37.
In addition, the shareholders will receive the dividend for 2013 totalling DKK498 million, or DKK2.70 per share. The Board of Directors of Nets unanimously recommends the shareholders to accept the Offer. Shareholders representing more than 90% of the shares and voting rights have signed irrevocable undertakings to accept the Offer.
The transaction is subject to regulatory approvals/confirmations and is expected to close in the second quarter of 2014.
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