17 April 2018, 11:37 CEST
Axactor enters into one of the largest NPL forward flow contracts in the Nordics
Axactor has successfully negotiated one of the largest unsecured NPL forward flow contracts in the Nordics. The claims are originated by Komplett Bank in Norway and the contract has a duration of 18 months, plus an option to extend for a further 6 months. This contract is expected to generate an annual capex of circa 60 mEUR per annum when fully operational. The contract represents Axactor's largest forward flow acquisition to date and when combined with other transactions across the group, will secure significant revenue growth, especially in Axactor's unsecured receivables.
"This portfolio reinforces Axactor's commitment to increasing the footprint in the Norwegian market and we appreciate the confidence Komplett Bank has shown Axactor in granting us the contract. I am especially pleased to see an increase in unsecured transactions coming through, it is further evidence that the Axactor team are focusing heavily on securing significant growth in 2018 and beyond ", says Endre Rangnes, Axactor
"The Axactor team in Norway is delighted to close this transactions with Komplett Bank, a substantial player in the Nordic market . We have invested significant time and resources into building an organization to handle NPL claims in Norway. This transaction demonstrates Axactor's ability to close key large portfolio purchases in the Nordics.", says Oddgeir Hansen acting Country Manager Norway.
This investment will be financed by Axactor's available cash and our existing credit facilities.
For additional information, please contact:
Johnny Tsolis, SVP Business Development Axactor
Mobile phone: +47 913 35 461