January 24, 2020 / 9:13 AM / a month ago

German fintech Heidelpay seeks acquisitions, CEO says

FRANKFURT (Reuters) - The German fintech Heidelpay is seeking acquisitions and eyeing an eventual initial public offering, its chief executive officer said.

The comments by CEO Mirko Huellemann about his plans are his most extensive yet since the private equity firm KKR (KKR.N) bought a majority stake in the payment service provider last year.

In a business where size matters, Huellemann said Europe is home to 300 or 400 potential acquisition targets.

“Of those 20 or 30 are certainly interesting for us,” he told Reuters, noting price tags of between 2 million and 500 million euros ($2.22 million to $554.70 million) would be possible fits.

KKR last year paid 600 million euros for a 60% stake in Heidelpay, sources said, valuing the company at nearly 1 billion euros. Huellemann personally holds more than 30%.

Huellemann said that a stock market listing at some point was possible, but he declined to name a timeframe.

“An IPO is of course always an option for fresh capital,” he said. “But KKR just came on board and we have a couple of years of growth ahead of us.”

The company, like competitors Wirecard (WDIG.DE) of Germany, Adyen (ADYEN.AS) of the Netherlands, and Klarna of Sweden, has profited from the increase in cashless payments and widespread purchasing of goods over the internet.

In 2019, Heidelpay doubled its revenue to 90 million euros, the company said.

Reporting by Patricia Uhlig; Writing by Tom Sims; Editing by Michelle Martin

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