STOCKHOLM/LONDON, March 17 Private equity firms
Advent International and Bain Capital have entered exclusive
talks to buy Danish card payment services company Nets Holding
for more than 2 billion euros ($2.8 billion), two people
familiar with the matter said on Monday.
Advent and Bain, which jointly own British payment
processing company WorldPay and have teamed up for the Nets bid
with Danish state-owned pension fund ATP, beat three other
bidders in the final round of the auction, the sources said.
Nets and Advent declined to comment. Bain could not
immediately be reached for comment.
The three other bidders were private equity fund Permira in
partnership with Canada Pension Plan, French IT services company
Atos and a consortium led by Swedish private equity
firm Nordic Capital.
Nets Holding, which is privately owned by shareholders
including Nordic banks Nordea, DNB and Danske
Bank, was put up for sale last year when JP Morgan
was hired to advise on the auction.
The buyout is likely to be backed with a debt-financing
package totalling between six and seven times Nets' approximate
183 million euro earnings before interest, tax, depreciation and
amortisation (EBITDA), denominated in Swedish, Norwegian and
Danish crowns, as well as euros or dollars, banking sources have