Axactor AB (publ) plans to relocate its registered office to Norway from Sweden in a bid to cut administrative costs and improve the efficiency of its group structure.

The debt management company also announced the acquisition of a portfolio of loans from a large Spanish financial institution.

The transfer to Norway will be carried out in two stages, the first being a conversion of its legal form from a Swedish AB to a Societas Europaea, or SE-company, followed by the change of its registered office. The conversion and relocation will not result in a change of legal entity, and until the relocation is complete the company will continue to be governed by legislation applicable to Swedish public limited liability companies.

After the relocation, it will be governed by legislation applicable to Norwegian public limited liability companies.

Both steps of the transaction must receive general meeting approval; the conversion to an SE-company will be put to a vote at the May 4 annual general meeting, while the relocation will be put to shareholders at an extraordinary general meeting later in the year.

The listing of the company's shares on Oslo Børs will not be affected by the transactions.

The transaction with the Spanish institution relates to a portfolio of 14,680 unsecured consumer loans, with an outstanding balance of €147 million, and real estate owned with an appraisal value of more than €75 million. Total CapEx is close to €40 million.

The Spanish institution will retain 25% of the real estate owned segment.

Axactor in February acquired a portfolio of nonperforming auto loans valued at €133 million from Santander Consumer Finance SA.