Danish payments group Nets is looking to expand its reach in Poland with the purchase of merchant acquirer Polskie ePłatności (PeP).
The deal, which awaits regulatory nod, offers Poland’s PeP a €405m ($454m) valuation.
Commenting on the deal, PeP CEO Jaroslaw Mikos said: “It will support our strong growth trajectory by strengthening our offerings across the merchant service value chain.
“Together, we can use our combined local capabilities and experience for the benefit of our customers.”
PeP focuses on SME merchants and has a staff strength of over 600. It has more than 125,000 POS terminals.
The business anticipates net revenues of nearly €55m this year.
The deal is anticipated to complete in the third quarter of this year.
Nets CEO Bo Nilsson calls the deal a strategic fit.
Nilsson stated: “PeP is the fastest growing payment technology company in one of the fastest growing digital payment economies in Europe, and we have been impressed by the PeP-team, their high-quality in-house operation and business performance.”
He added: “With PeP’s strength with SME merchants on card acceptance and point-of-sales terminals, this deal has a convincing strategic fit, completing our offering to merchants in Poland.”
Earlier this year, Nets snapped up Finnish firm Poplatek and its spin-off company Poplapay.