02 July 2018, 15:25 CEST
Axactor acquires unsecured portfolio from Banco Sabadell
Oslo, July 2nd, 2018
Axactor, conditional to formal authorization of the contract, has agreed to acquire a portfolio of large unsecured claims from Banco Sabadell. The portfolio although having an outstanding balance of 875 mEUR, only generates a low acquisition cost for Axactor, due to the size and profile of the underlying claims. The portfolio enables Axactor to invest in a type of product, where sales may become more common in the future and provide further opportunities.
"This portfolio is important for Axactor as it further expands our portfolio of assets and focuses on a type of claim where we have limited experience. The price level, due to the claim size, also provides Axactor with a lot of opportunities to achieve it's expected target with a limited amount of risk", says David Martín and Andrés López, Country Managers of Axactor Spain.
This investment will be financed by Axactor's available cash and existing credit facilities.
For additional information, please contact:
Johnny Tsolis, CFO, Axactor
Mobile phone: +47 913 35 461