Leeds-based Lowell signs major European deal
The Yorkshire-based firm, Lowell, has signed a deal that will make it the second largest credit management business in Europe.
The company has entered the €730mn (US$850mn) deal in order to acquire the “carve-out” business from Intrum, a credit management service.
The “carve-out” consists of Lindorff’s business in Demark, Estonia, Finland, and Sweden, also including Intrum Justitia’s business in Norway.
Lowell are based in Leeds and employ 1,500 members of staff.
“When Lindorff and Intrum merged, the European Commission agreed it on the basis that certain business elements were sold-off. These elements have been grouped together as the “carve-out business” that we have acquired,” stated a Lowell spokesperson.
“Combining the two businesses fits well with Lowell’s strategic objective to develop sustainable competitive advantage across Europe in chosen markets and to support continued growth. The transaction will make Lowell a market leader across the Nordic region.”
The agreement is valued on an enterprise basis and is still subject to approval from the European Commission, as well as needing competition and regulatory approval, which expected completion in the first half of 2018.
“I’m pleased to be extending the Lowell family today. Our shared commitment to innovation and best practice for consumers and clients alike, will significantly strengthen our service proposition across the credit management value chain,” reported the Chief Executive of Lowell, James Cornell.
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