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PE-backed European payments firms Nets, Concardis to merge

Denmark-based Nets A/S announced plans to merge with Germany-based Concardis GmbH in a deal that would create a combined payment services business with annual net revenue of €1.3 billion.

Nordic-focused Nets was acquired by private equity firm Hellman & Friedman LLC in February, while Concardis was taken over by Advent International Corp. and Bain Capital LP in August 2017. Advent and Bain will exchange their shares in Concardis for shares in Nets.

Nets CEO Bo Nilsson will lead the combined group as CEO, with Concardis CEO Robert Hoffmann remaining in his position and reporting to Nilsson. The company will be based in Denmark, with the companies retaining their own brands.

The merger is expected to close in the fourth quarter and is subject to regulatory approval.