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Advent, Bain near deal to acquire payment processing company Nets

18 Mar 2014

credit card paymentPrivate equity firms Advent International and Bain Capital are reportedly in exclusive negotiations to acquire Nets in a deal that could value the Danish payment processing group at more than €2bn.

Advent and Bain beat three other suitors in the final round of the auction, said Reuters, citing two people familiar with the matter.

The two private equity firms jointly owned Nets’ British peer WorldPay.

Nets is currently backed by Nordic banks Nordea, DNB and Danske Bank, which have hired JP Morgan to help sell the company.

The buyout is likely to be funded with a debt package of between six and seven times Nets’ current EBITDA of €183m, said the report, citing banking sources.

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