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PE firm Nordic Capital snaps up Swedish payments firm Trustly

Nordic Capital Fund IX, one of the funds managed by U.K.-based Nordic Capital Ltd., is acquiring Sweden-based online payments company Trustly Group AB.

Financial terms of the deal were not disclosed, but the Financial Times reported March 14 that the transaction values Trustly at approximately €700 million.

Under the deal, Trustly's largest shareholder Bridgepoint Development Capital will sell its full equity interest in the company, but its management, founders and investment firm Alfvén & Didrikson will remain significant shareholders in the company, Trustly said in a statement.

Nordic Capital Fund said it will support Trustly's management team to help accelerate the company's growth plans in current and new geographies, as well as expand its product portfolio. It also plans to invest in the Swedish firm's bank network and technology platform to help drive payment innovation.

The transaction is subject to customary regulatory approvals, including that of the Swedish Financial Supervisory Authority.

The deal follows Nordic Capital's sale of Swedish payment services provider Bambora to France-based Ingenico Group SA for €1.5 billion in 2017.