Innova to exit Polskie ePlatnosci in Nets sale

Innova and other shareholders are to sell a total of 79.49% of the company, and OPTeam is to sell 20.51%. OPTeam will reap proceeds of €68.6m.

The transaction values PeP at €405m.

In June 2016, Innova and OPTeam acquired a majority stake in PeP. Initially both Innova and OPTeam acquired equal stakes in PeP, but OPTeam eventually sold 75% of its shares in the company to Innova for a consideration of £13.49m.

With the acquisition, Nets intends to further strengthen its presence in Poland.

The transaction is subject to approval by the respective authorities, and closing is expected to be within the third quarter of 2020.

PE firm Hellman & Friedman announced its intention to acquire and de-list Nets in a DKK 33.1bn deal in September 2017. The deal went through in February 2018.

In September 2016, Advent International and Bain Capital Private Equity listed Nets in one of the largest Nordic private-equity-backed IPOs since 2010. The buyout consortium listed the company just two years after the two GPs acquired Nets from a group of Danish and Norwegian banks for DKK 17bn.

Company
Founded in 2010 and headquartered in Rzeszów, PeP is a provider of electronic processing of non-cash payments and related services with an installed base of 125,000 point-of-sale terminals. It has 600 employees and expects net revenues of €55m in 2020.

People
Polskie ePlatnosci – Jaroslaw Mikos (CEO).
Nets Group – Bo Nilsson (CEO).
Innova Capital – Krzysztof Kulig (senior partner).

Advisers
Vendor – Morgan Stanley (corporate finance); Deloitte (financial due diligence).

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• Topics
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