Nets, the northern European payment solutions, information services and digital security company, has acquired Luottokunta, a Finnish provider of payment solutions.
Nets entered into an agreement on 10 August with Luottokunta’s shareholders to acquire the company, which is Finland’s largest payment card solutions company with 500 employees. The deal is now subject to approval from the Finnish Financial Supervisory Authority (FIN-FSA) and by the general meeting of Nets.
Nets said that with the Nordic region as the group’s home market, Finland is a natural area of focus and the acquisition of Luottokunta provides it with a solid base in the Finnish market. The acquisition of Luottokunta is in line with Nets’ strategy of being one of the leading companies in Europe for payment solutions, information services and digital security solutions.
The acquisition means that Luottokunta will change its name and become a fully integrated part of the Nets group, while its offices will remain in Helsinki.
With the acquisition of Luottokunta, Nets will have a total of 2,700 employees in five countries and a turnover of €850m.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.