WARSAW, July 1 Norwegian receivables management
firm B2Holding has purchased Polish rival Ultimo from private
equity fund Advent as part of B2Holding's strategy to expand in
central and eastern Europe, the firms said in a statement on
Advent, which owned nearly 90 percent of Ultimo before the
deal, did not disclose the sale price, but said Ultimo was
managing a portfolio of debts with a face value of over 10.5
billion zlotys ($3.46 billion), making it one of the market
leaders in Poland.
"B2Holding's strategy is to be the pre-eminent debt purchase
and loan servicing platform in the Nordics and CEE," Jon
Nordbrekken, chairman of B2Holding, said in a statement.
B2Holding said that the transaction, which is pending
regulatory approval, will increase the number of its employees
to more than 1,000.
($1 = 3.0361 Polish zlotys)
($1 = 0.7331 euros)
(Reporting by Joanna Kozlowska; Editing by Marcin Goettig and