Advent International Corp. and Bain Capital Private Equity LP agreed to acquire Otto Group's German online payment services division, Ratepay GmbH.

Financial terms of the transaction, which is subject to approval by supervisory authorities, were not disclosed.

Ratepay will be integrated with German payment service provider Concardis GmbH, which Advent International and Bain Capital agreed to acquire from a group of banks in January. The completion of the Concardis deal is still pending, according to the April 3 press release.

Ratepay will retain its brand and will be managed as an independent company within the Concardis Group.

In the future, a close cooperation is planned between Concardis and Otto Group, a German-based global retail and services group, with special emphasis on developing payment solutions for e-commerce.