COBALT advised Nets on its acquisition of Nordea Merchant Acquiring for EUR 230 million

Nets Holding A/S acquired Nordea Merchant Acquiring, a service provided to corporate customers, enabling them to accept card payments at point-of-sale and online. This section of Nordea’s payment business deals with acquiring of international payment cards in the Nordic and Baltic regions. The transaction is valued at EUR 230 million on an enterprise value basis.

Nets is operating under the Teller brand, which is a Nordic provider of international card acceptance. Teller acquires international payment cards in Denmark, Norway, Sweden and a number of other European countries. Teller is a subsidiary of the Nets Group. Nets is the result of the merger of the Danish company PBS Holding and the Norwegian company Nordito AS (Teller and BBS).

COBALT conducted an in-depth legal due diligence in Latvia and Lithuania, reviewed the share acquisition and other transaction documents, advised on the structuring of the transaction, provided other legal support to the client on all related matters. The project was led by COBALT Partner Elijus Burgis in Lithuania and Specialist Counsel Andrejs Lielkalns in Latvia.