Nets, a Nordic payments provider, and Concardis Payment Group have announced that the merger of the two companies has been completed by Bo Nilsson who will lead the combined Group as CEO and Robert Hoffmann will continue as Concardis Group CEO, reporting directly to Bo Nilsson.
Nilsson, Group CEO of Nets, said, “We are very pleased that the merger has been completed which allows us to proceed with our plans. 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.”
Hoffmann, CEO of Concardis Group, added, “As a joint Group we look forward to leveraging our combined strengths and further digitising our offerings to drive faster time to market for state-of-the-art, customer-friendly solutions – underlining our joint ambition to be at the forefront of payments innovation.”
The merger creates a business with approximately €500 million of EBITDA and €1.3 billion of net revenue. The resulting industrial scale will enable further investments in innovation and service improvements for customers, allowing the Group to reinforce its leading position in the European payments market. The headquarters of the Group will be in Ballerup, Denmark, and Nets and Concardis Group will retain their respective brands.
The newly formed Group is backed by leading private equity investors Hellman & Friedman, Advent International and Bain Capital. These owners each bring significant sector expertise, operational resources and capital to help accelerate the new Group’s growth and internationalisation.