Advent, Bain Said in Talks to Buy Card-Payment Firm NetsAdam Ewing, Kiel Porter and Aaron Kirchfeld
Advent International Corp. and Bain Capital LLC, two Boston-based buyout firms, are in exclusive talks to buy Nordic card-payment company Nets Holding A/S, according to three people familiar with the matter.
The two private-equity firms, which have teamed up with Danish pension fund ATP, may pay about 15 billion Danish kroner ($2.8 billion) to 17 billion kroner for the Ballerup, Denmark-based card service provider, the people said, asking not to be identified because the talks are private. An agreement could be announced as early as in the next several days, they said.
Advent and Bain together own credit-card processor WorldPay Ltd., which they bought from Royal Bank of Scotland Group Plc. Nets would give them a company that services 33 million payment cards and works together with more than 260 banks in Denmark, Norway, Sweden, Finland and Estonia, according to its website.
Nets is owned by several Nordic banks including Danske Bank A/S, Nordea Bank AB, DNB ASA and Denmark’s central bank. Representatives for Advent, Bain, Nets, Danske, ATP, and the Danish central bank declined to comment. DNB couldn’t be immediately reached for comment.
Reuters previously reported that Bain and Advent beat three other bidders: Permira Advisers LLP in partnership with Canada Pension Plan; French computer services company Atos; and a consortium led by Nordic Capital.