Lowell has signed an agreement to sell its Nordic payment business, Lindorff Payments, to Collector Bank AB. By divesting Lindorff Payments, Lowell will focus on its core business services of third party collection, debt purchasing and the related invoicing and information services. The completion of the deal is expected before the end of the year.
Matthias Gerhardt, Group Director from Lowell Group commented: "As with all carve-outs, this transaction was not a straight-forward sale process. The Bird & Bird team with their commercially sound and pragmatic approach really made a strong contribution to the successful transaction process."
The transaction included various corporate, employment, IT, data protection and financial regulatory questions. Nordic corporate group's core team comprises Mikko Ahonen (Partner), Anu Sillanmäki (Associate), Lasse Riski (Associate), Karoliina Kallasvuo (Associate), Maija Puustinen (Associate), Ella Mikkola (Partner), Tobias Bräutigam (Senior Counsel), Marcus Erneholm (Associate), Ted Rosenbaum (Associate), Ottilia Boström (Counsel) and Tomi Luukkainen (Counsel).
Please refer to Lowell's press release for more information on the transaction.
Lowell is Europe's second largest credit management company. Lowell specialises in debt purchasing, third party collections, business process outsourcing, credit management and e-commerce.
Collector Bank AB provides financing solutions to private individuals and corporate customers. It offers deposits, lending, credit cards, factoring, company credits, property finance, debt collection, and invoice and payment services by instalments to e-commerce and retail companies, as well as acquires portfolios of over-due receivables.