Nets, a Denmark-based payments company, has acquired Poland based merchant acquirer Polskie ePłatności (PeP). The transaction values PeP enterprise at €405 million.

With the acquisition of PeP, Nets will strengthen its base in Poland where cash still rules and has low card penetration. The acquisition is subject to approval by respective authorities, and closing is expected to be within the third quarter of 2020.

“This acquisition [PeP] follows our recent acquisition of Dotpay/eCard and the strategic alliance with Przelewy24, both of which are strong in e-commerce. With PeP’s strength with SME merchants on card acceptance and point-of-sales terminals, this deal has a convincing strategic fit, completing our offering to merchants in Poland,” said CEO of the Nets Group Bo Nilsson.

PeP has a strong presence in card acceptance and point-of-sales terminal spaces and the company focuses on SME merchants. The company has around 600 employees and revenue of around € 55 million.