Axactor enters into a forward flow agreement with Monobank ASA in Norway
Axactor has entered into a two year forward flow contract with Monobank ASA. The claims will be acquired on a monthly basis, and Axactor estimates the annual capex to be 15-20 mEUR. This transaction will be a valuable contribution for increasing the regular NPL volumes and to build critical scale in the Norwegian business unit.
Oddgeir Hansen, Interim Country Manager for Axactor commented "This deal clearly demonstrates the increased focus on the debt purchase product in Norway, as the Norwegian business has traditionally been focused on third party collection and accounts receivable management. Over the last few months we have significantly strengthened the portfolio team to prepare for new portfolio acquisitions. I welcome these additional volumes as well as further expected portfolios to help drive future growth."
The investments will be financed through Axactor's available cash and our existing credit facilities.
For additional information, please contact:
Johnny Tsolis, SVP Business Development Axactor
Mobile phone: +47 913 35 461
Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Italy, Germany, Norway, Sweden 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 be about 1,500 billion euros across Europe providing significant opportunities for Axactor's future expansion. Axactor has approximately 900 employees.