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Lowell GFKL agrees to buy Austrian receivables business

Lowell GFKL Group has agreed to acquire IS Group ManagementGmbH from majority shareholder HANNOVER Finanz.

The deal, whose terms were not disclosed, is expected toclose in May, subject to antitrust approval.

Austria-based IS Group Management, which trades as ISInkasso Service, manages nonperforming receivables portfolios on behalf ofclients. Its senior management team will remain intheir current roles following the deal.

Lowell GFKL Group was created in 2015 following themerger of and GFKL.