Nordic Capital to sell Point payments firm: sources

LONDON Fri Jun 10, 2011 8:25am EDT

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LONDON (Reuters) - Private equity firm Nordic Capital is seeking a buyer for payment processing business Point International and has hired JP Morgan (JPM.N) to handle the sale, four people familiar with the process said.

Point International, which handles over 10 million card transactions every day in Europe, is expected to appeal to rival payments processing firms and private equity groups and could yield about 300 million euros ($434.1 million) for Nordic Capital, two of those people said.

The Swedish firm last month tapped into large corporate buyers' renewed appetite for deals by agreeing to sell drugs maker Nycomed NYCMD.UL to Japan's Takeda (4502.T) for 9.6 billion euros, the third-largest private equity sale of the last two decades.

Payment processing has been a hot spot for private equity investing since Advent International and Bain Capital acquired the WorldPay business from RBS (RBS.L) last year after a fiercely contested auction.

Point could appeal to rivals including Tsys (TSS.N) and First Data, controlled by U.S. buyout firm KKR (KKR.N), as well as buyout groups such as Advent, 3i Group (III.L), HgCapital and Bridgepoint BRDG.UL, one of the people said.

Nordic acquired Point International in 2004, since when it has grown significantly, helped by the bolting on of Norway's largest distributor of payment terminals Adimo and France's Paybox in the last few months.

Point International operates in Britain under the Commidea brand.

Point International achieved sales of about 140 million euros ($202.6 million) in 2010, according to Nordic Capital's website, compared with some 300 million Norwegian crowns ($55.3 million) when it acquired the business in 2004.

Nordic Capital declined to comment.

(Additional reporting by Sven Nordenstam in Stockholm; Editing by Steve Slater and David Holmes)

($1=5.430 Norwegian Crown)

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