Axactor has closed its largest one-off transaction in 2019, with Banco Santander. The purchase is an unsecured portfolio with an outstanding balance of approximately 600mEUR across more than 145.000 claims. The portfolio comes with a significant number of paying cases, increasing the existing revenue with immediate effect.
“This acquisition follows the communicated strategy of opportunistically purchasing unsecured portfolios around the group, when they complement the existing assets and generate an immediate financial impact." say Endre Rangnes, CEO, Axactor Group.
“This portfolio is the second large portfolio we have acquired from this Financial Institution in Spain and we are looking forward to building on the good experience we have had collecting on claims of this high quality." say David Martín and Andrés López, General Directors of Axactor Spain.
Axactor plans to make this acquisition through their jointly owned SPV with Geveran and will finance the transaction using existing cash and credit facilities.