Scandinavia’s largest payments processor Nets has received a $5.3 billion takeover bid from US private equity firm Hellman & Friedman.

The offer represents a 27 per cent premium to the share price of Nets on 30 June 2017, the day before Nets confirmed it had received takeover approaches. The board of directors has decided to recommend that Nets’ shareholders accept the offer. At the time of announcement, shareholders representing in total 46 per cent of the company's share capital have agreed to accept the offer.

Inge Hansen, chairman of Nets, said: “We believe the offer represents attractive value to Nets’ shareholders. Hellman & Friedman approached us in June, following which we received a number of other expressions of interest and held discussions with selected parties.

“Having considered all options available to us, including continuing as a listed company, we are satisfied that the cash offer of DKK 165 per share to all shareholders is the most attractive alternative available. We believe Hellman & Friedman is a responsible, growth oriented owner who will be able to take a long-term strategic approach to the development of Nets to the benefit of our stakeholders.”

The deal is expected to be completed by Q1 2018.

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