Nets and Concardis Merge Operations
Nets A/S (Nets) and Concardis Payment Group (Concardis Group) have announced that they will join forces to form a European payments player. The transaction is a merger structured as a share exchange that will see Concardis shareholders contribute their shares in return for Nets shares. Bo Nilsson will lead the combined Group as CEO. Robert Hoffmann will continue to lead the Concardis Group as CEO, reporting directly to Bo Nilsson. The headquarters of the Group will be located in Ballerup, Denmark, and Nets and Concardis Group will retain their respective brands.
With the merger, the companies say that they combine market-leading positions as payment service champions in the Nordics and German-speaking parts of Europe. Both companies offer their customers a broad portfolio of payments services including offline, online, mobile, recurring payments and real-time services.
The newly-formed Group will further refine its service offering, bringing innovation to market faster, empowering merchants and better meeting customer needs for more digitized, easy-to-use payment solutions. The merger creates a business with approximately €500m of EBITDA and €1.3bn of net revenue. The resulting industrial scale will enable further investments in innovation and service improvements for merchants, enterprises and bank customers. The merger is subject to approval by the respective authorities. Closing is expected to be in Q4 2018.