Aktiv Kapital completes major portfolio acquisition
Norway’s Aktiv Kapital has entered into an agreement with one of the world leading financial institutions to purchase a consumer credit portfolio in Austria with face value of NOK 2,141 million (EUR 258 million).
The portfolio contains approximately 15,500 accounts and has during the last twelve months generated a cash flow of approximately NOK 183 million (EUR 22 million). The purchase represents Aktiv Kapital's largest investment in 2008, the company said in a press release.
“This is a strategically important acquisition for Aktiv Kapital. We are acquiring a portfolio with cash flow, which reduces acquisition risk and increases our market opportunities. We believe that collection from the acquired portfolio will continue to be substantial when implementing Aktiv Kapital's collection strategies,” said Erik Oyno, CEO and President of Aktiv Kapital Group.
The company has including this latest acquisition purchased portfolios representing a Face Value of NOK 9 501 million (EUR 1 196 million), with an accumulated acquisition cost of NOK 822.6 million (EUR 103.5 million).
“In the current financial turmoil we see a multitude of opportunities for Aktiv Kapital, relieving financial institutions of non-core assets and operations,” concludes Oyno.
After this acquisition Aktiv Kapital currently has NOK 900 million available for further acquisitions within the frame of the existing credit facility. (press release)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.