Axactor Italy, an Axactor group company, has been successful in acquiring a large portfolio of payment plans secured against promissory notes. The portfolio contains 7.000 claims with an outstanding balance of 60 mEUR, where all claims are in an active payment arrangement. The portfolio acquisition is expected to close in December 2019.
Antonio Cataneo, country manager for Axactor Italy, commented “Axactor Italy is happy to announce this acquisition, based on the quality of the portfolio and the immediate impact it has on both the revenue and profitability of the Italian business. This acquisition will give us good momentum as we head into 2020.”
Axactor plans to finance this acquisition using available cash and existing credit facilities.
For additional information, please contact:
Johnny Tsolis, 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 1100 employees.
To learn more, visit www.axactor.com