Nets prepares for $5 billion takeover
Written by Chris Lemmon
Scandinavian payments processor Nets is moving closer to a deal with US private equity firm Hellman & Friedman for a proposed takeover which is expected to value Nets at around 31.3 billion Danish Krone ($5.01 billion).
According to the Financial Times, the board of Nets met this week to decide on a suitor following an auction. The outcome of the meeting is expected to be revealed soon, with H&F apparently leading the process and could soon enter into exclusive talks.
The company said in a statement that “discussions are still ongoing regarding a potential takeover offer for Nets A/S....There is no certainty at this stage that an agreement will be reached”.
The takeover deal would constitute the largest European buyout in the past four years, surpassing the €4.1 billion deal for German pharmaceutical firm Stada. The deal also follows the $10.35 billion acquisition of UK-based Worldpay from US firm Vantiv that was finalised in August.
Since speculation regarding a possible takeover begun three months ago, Nets has seen its shares climb almost 20 per cent, with the stock price rising 1.7 per cent to trade at 157 Krone this week.