Nets’ subsidiary Paytrail to acquire Checkout Finland
Nets Group’s Finnish online payment subsidiary Paytrail is to acquire fellow e-commerce specialist Checkout Finland from OP Financial.
The deal follows a ten-year partnership with OP Financial in the merchant acquiring segment and continues the ongoing process of consolidation in the payments sector.
“While we are seeing a move towards larger players in the industry, together with the rising number of smaller fintech players, local know-how is also a key success factor,” says Robert Hoffmann, CEO of Merchant Services at Nets Group. “As we see ecommerce as one of the biggest growth areas within payments, we are very pleased to further strengthen our ability to innovate and offer the best in online payments in Finland with Checkout Finland.”
The completion of the transaction is subject to approval from FIN-FSA, and is expected to close during the first half of 2021. Financial terms were not disclosed.