July 1, 2014 / 1:55 PM / in 3 years

Norway's B2Holding buys Polish debt firm Ultimo from Advent

WARSAW, July 1 (Reuters) - 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 Monday.

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 Susan Fenton)

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