Axactor acquires the 5th unsecured Non Performing Loan (NPL) portfolio in Spain.
Oslo August 1, 2016 - Axactor has acquired another unsecured NPL portfolio originally generated by a large Spanish consumer finance institution. The portfolio includes unsecured and secured loans with a total Outstanding Balance (OB) of approximately EURO 565 million, with close to thirty thousand open accounts of individuals and SMEs.
The portfolio transaction is another secondary market purchase, with the final acquisition cost a low single digit percentage of the outstanding balance. This price reflects a well managed sale process and a strong existing paying book which is core to Axactor's strategy of developing portfolio revenues after acquisition.
"This is our 5th portfolio, and is further evidence of our ability to acquire strong portfolios whether in the prime or secondary markets. The portfolio will continue to increase volumes to our amicable and legal operations in Spain, while we look for further acquisitions across Europe ", says Endre Rangnes, Axactor CEO.
"This portfolio represents another strong acquisition delivering further growth to the group revenue stream", says Geir Johansen, Axactor CFO
The investments will be financed by Axactor's available cash and our existing credit facilities.
For additional information, please contact:
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +4747710451
About Axactor: Axactor Group is a debt collection and debt purchase company, with operations in Italy, Norway and Spain. The company has a Nordic base and an ambitious Pan- European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to about EUR1,500 billion, and Axactor's main focus is debt collection and purchase of NPL portfolios. Axactor has approximately 700 employees in Spain, Italy and Norway.