Irish European payments network Payzone Group has sold its Payments Services business in Sweden to Pan-Nordic payment transaction services provider, Nets.
Financial terms of the acquisition were not disclosed.
The subsidiary company being sold is Payzone Nordic AB, which offers payment services customised for the retail, hotel and restaurant sectors.
Headquartered in Stockholm, Sweden, Payzone Nordic was established in 1989 and processes over 150 million transactions per year. Operating solely in the integrated payment service provider (PSP) sector, it is one of the largest electronic funds transfer networks in Sweden.
Payzone Nordic generated sales of approximately €8 million in 2013 and employs nearly 50 people. Payzone Nordic’s CEO, Carl-Greger Leijonhufvud, will remain with the company.
Nets already has a position in the point of sale market in the Nordic region and the acquisition will strengthen its position in the Swedish POS market while bringing a Nordic footprint with potential to service Payzone Nordic’s existing customer base more broadly.
The operations of Payzone in Ireland, UK, Romania and Greece are not affected by the transaction.
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