Presse / Intrum Justitia : The European Commission has approved the combination of Intrum Justitia and Lindorff / 12.6.2017 / Carecci
On June 12, 2017 the European Commission approved the combination of Intrum Justitia and Lindorff. The Commission's decision is conditional upon the divestment of Lindorff's business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia's business in Norway (see press release dated May 18, 2017 for more information).
The combined company will, through its scale and diversification, be ideally positioned to capture the strong market growth in the Credit Management Services industry. By joining forces, both local and global clients will benefit from a strong pan-European platform, enhanced service offering, innovative solutions and best in class compliance.
"I am very pleased that the combination of these two strong companies has now been approved and that we are able to close the transaction as planned. The combined business has the potential to deliver significant value to clients, shareholders and society by creating a very well-positioned and respected player in our industry both in terms of skill and geographic spread," says Lars Lundquist, Chairman of the Board in Intrum Justitia.
"This is the day that we have been waiting for. These two companies are a great fit and will become a leading force in shaping the future of credit management services. Nordic Capital looks forward to continuing to support the combined business as a listed company and sees strong potential for further value creation," says Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor to the Nordic Capital Funds.
"I am dedicated to the success of this combination and I am of course thrilled that we now have the necessary approval from the European Commission. Realizing the full potential of the combined company will be a team effort which I am proud to lead once the transaction is closed", says Mikael Ericson, CEO & President of Intrum Justitia.
On June 9, 2017, the Board of Directors of Intrum Justitia AB announced the decision that Mikael Ericson will be the CEO and President of the combined company once the transaction is completed. The decision was made in agreement with the proposed new Board members nominated by the Nomination Committee on June 7, 2017. Per E. Larsson, currently Chairman of Lindorff has been nominated as new Chairman of the combined company. Per is the former CEO of OMX, Dubai International Financial Exchange and Borse Dubai, as well as former Chairman of the Board of the Stockholm Stock Exchange and board member of Helsinki Exchanges.
The transaction is expected to close within the next 10 working days. Lindorff will be consolidated into the financial statements of Intrum Justitia from late June 2017.