Axactor has closed another primary transaction in Spain, this transaction is from BMN. The portfolio has an outstanding balance in excess of € 165 million across more than 7.500 cases. The portfolio is a mix of SME cases with a private Guarantor and cases of unsecured individuals.
“This transaction confirms a fantastic end to Axactor’s second quarter, not only in Spain but across the Group. Although working in a highly competitive marketplace, the team have been able to prioritize the key transactions generating the best returns for Axactor and close them. We are all looking forward to continuing this momentum into the rest of the year.” says Endre Rangnes, CEO Axactor.
“We are really pleased to close this portfolio before the summer, it represents a key acquisition, which will ensure we carry the momentum from the first half of 2017 into the rest of the year. In addition, the SME portfolio has a secured element, which will help us to continue developing the services we can provide to the NPL market and our customers.” Says Andres Lopez and David Martin, General Managers, Axactor Spain.
The transaction will be financed from existing cash and credit facilities.