1st Apr 2016 06:42
LONDON (Alliance News) - Arrow Global PLC on Friday said it has agreed terms to acquired consumer debt purchasing and collections business InVesting BV for around GBP78.5 million.
Arrow, the debt buyer and manager, will pay the consideration in cash from existing cash resources and a new GBP50.0 million financing facility.
Arrow said the acquisition of InVesting, which operates in the Netherlands and Belgium, will create a leading player in the Benelux debt purchasing market, boosted Arrow's existing operations in the UK and Portugal.
InVesting has already provided portfolio services to Arrow in the past, it said.
At the end of December, InVesting had EUR663.0 million in debt on its books, with remaining collections totalling EUR107.0 million.
"Today's acquisition of InVesting creates a leading debt purchase and management business in the Benelux region, consistent with our strategic objective of being a top three player in each of the European markets in which we operate," said Arrow Chief Executive Tom Drury.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
ARW.L