Intrum Justitia completes acquisition of Aktiv Kapital’s Nordic debt collection operations
Intrum Justitia completes the acquisition of Aktiv Kapital’s Nordic operations focused on credit management services for external clients. The previously communicated condition for the deal has been fulfilled. The operation will be consolidated from December 16 2010.
The acquired operations employ some 150 people in Norway, Sweden and Finland and are expected to generate revenues of approximately NOK 200 M for 2010 with a margin of 19 percent. The acquisition strengthens Intrum Justitia's market position, particularly in the Norwegian market. The company's market-leading position in Finland and Sweden is further enhanced. The acquisition will contribute positively to Intrum Justitia's earnings per share from the outset and, taking integration costs into account, there is expected to be a slight positive increase in earnings per share already the first year.
“The acquisition of Aktiv Kapital's credit management operations is an important step in the right direction for Intrum Justitia with regard to our strategy of holding a market-leading position both in the Nordic region and throughout Europe. The acquisition particularly strengthens our position in the Norwegian market, where we are currently relatively small. I am happy that the deal is now approved by the Norwegian authorities and that we can start the work of integrating the operations and continue developing Intrum Justitia together with our new colleagues, says Rickard Westlund, managing director of Region Northern Europe.
The purchase sum is based on a net-debt-free valuation of NOK 375 M, entailing valuation multiples below Intrum Justitia's current valuation. Aktiv Kapital's Nordic operations will be integrated into Intrum Justitia's Nordic organization during 2011.
For further information, please contact:
Lars Wollung, CEO and President
Tel: +46 8 546 102 02
Rickard Westlund, Managing Director Northern Europe
Tel: + 46 8 546 102 00
Annika Billberg, IR & Communications Director
Tel: + 46 8 546 102 03
Mobile: + 46 702 67 97 91
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group and offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia was founded in 1923, has around 3,100 employees in 22 countries and revenues of approximately SEK 4.1 billion in 2009. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com