Nets Acquires Finnish Group Luottokunta
Nets, the northern European payment solutions, information services and digital security company, has acquired Luottokunta, a Finnish provider of payment solutions.
Nets entered into an agreement on 10 August with Luottokunta’s shareholders to acquire the company, which is Finland’s largest payment card solutions company with 500 employees. The deal is now subject to approval from the Finnish Financial Supervisory Authority (FIN-FSA) and by the general meeting of Nets.
Nets said that with the Nordic region as the group’s home market, Finland is a natural area of focus and the acquisition of Luottokunta provides it with a solid base in the Finnish market. The acquisition of Luottokunta is in line with Nets’ strategy of being one of the leading companies in Europe for payment solutions, information services and digital security solutions.
The acquisition means that Luottokunta will change its name and become a fully integrated part of the Nets group, while its offices will remain in Helsinki.
With the acquisition of Luottokunta, Nets will have a total of 2,700 employees in five countries and a turnover of €850m.