JPMorgan nets another pay day with tech take-private

Marco Green
September 25, 2017

Nordic payments firm Nets said today that it has received a takeover offer of Dkr165 (about $26) per share from a consortium led by Hellman & Friedman, a U.S. private equity firm.

The deal is the latest in a wave of consolidation in the industry this year as firms seek to take advantage of the growing use of mobile devices to make payments.

The cash-based offer, which represents a 27% premium to the share price of Nets on 30 June 2017 when media speculation about a potential bid broke, has been accepted by shareholders representing 46% of Nets' share capital.

Worldpay and Paysafe were recent buyout targets. Payments companies are also under pressure to.

Evergood 5 AS is a new company controlled by Hellman & Friedman's funds, though other backers include Advent International and Bain Capital, which bought Nets in 2014 and took it public only past year. Nets shares rose 6.4 percent higher in early trade.

"We believe the offer represents attractive value to Nets' shareholders", Nets chairman Inge Hansen said in a statement.

A deal will require acceptance of shareholders representing 90 percent of Nets' capital and following a deal Bain and Advent have agreed to maintain a 16 percent stake in Nets.

Nets said at the start of July that it had received purchase offers and was reviewing its options. The offer values Nets at about $5.3bn.

J.P. Morgan and Nordea have advised Nets.

Other reports by Click Lancashire

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