
PE-backed Nets offloads division to Mastercard for €2.85bn
Private-equity-backed Danish payment technology business Nets has sold its account-to-account payment business to Mastercard for €2.85bn.
The acquisition comprises the clearing and instant payment services, and e-billing solutions of Nets' corporate services business.
Nets was taken private at a valuation of DKK 33.1bn in 2018 by a consortium of PE firms led by Hellman & Friedman, including Advent International, Bain Capital Europe, Fisher Lynch Capital and GIC.
Mastercard plans to expand the division beyond its primary markets in the Nordic region.
Company
Founded in 1968 and headquartered in Ballerup, Denmark, Nets provides payment, information and digital identity solutions. The divested division deals with real-time, bank-to-bank payments.
People
Mastercard – Michael Miebach (chief product and innovation officer).
Nets – Bo Nilsson (CEO).
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