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08 June 2020, 09:38 CET
Axactor extends forward flow agreement with client in Norway
Axactor has extended an existing forward flow agreement in Norway with the annual principal volume expected to be close to 70 mEUR across 2.750 claims.
Axactor has extended an existing forward flow agreement in Norway, increasing the contract length by nine months. The new contract period will run until March 2022, with the annual principal volume expected to be close to 70 mEUR across 2.750 claims. The contract will change to include an element of 3PC, which will have the added benefit of lowering the expected capex by over 20 mEUR in 2020. The total capex for the contract will however be increased by approximately 30 mEUR in 2021 and 2022.
“The team in Norway are very pleased to extend this agreement, based on both the quality of the claims and the close relationship with the seller,” says Stina Koren, Axactor 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, Interim CEO, CFO, Axactor
Mobile phone: +47 913 35 461
Axactor Group is a next-generation debt management company operating in Norway, Sweden, Finland, Germany, Spain and Italy with an ambitious European growth strategy. Axactor acquires and collects on own portfolios of non-performing loans and also provides debt collection and accounts receivable management for third parties. The debt collection market is estimated to about 1,000 billion euros across Europe, providing significant opportunities for future expansion. The company has approximately 1150 employees.