The competitive landscape for business and consumer information in Sweden and Finland is about to change with Finnish business data provider Asiakastieto said on Tuesday it has agreed to buy Swedish business and credit reference agency UC from Nordic banks for 340 million euros ($415 million) in cash and new shares.
The current shareholders of UC, including SEB, Nordea, Handelsbanken, Swedbank and Danske, will own about 37 percent of the combined company while owners of Asiakastieto, including Sampo , will get 63 percent. The cash consideration is 99 million euros while the rest of the price will be paid with new shares.
“The combination of Asiakastieto and UC creates one of the leading Nordic companies in digital services and data innovation with strong market positions in Finland and Sweden,” Asiakastieto said in a statement. It expects annual synergies of at least 17 million euros by 2021.
Asiakastieto last year reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 24 million euros on sales of 56 million euros. UC generated EBITDA of 16 million euros on a revenue of 74 million euros.
The deal is expected to be completed during the second quarter.