Go to deals
Private Equity | Financial Services

Luminor Bank has acquired Maksekeskus

Luminor Bank AS and its main shareholder Blackstone have acquired Maksekeskus AS, the leading e-commerce payment solutions provider in the Baltics. This transaction will support Luminor’s growth strategy by establishing its presence in the fast-growing e-commerce payments market, and will further accelerate the expansion of Maksekeskus outside Estonia, in particular leveraging Luminor’s network and customer base in Latvia and Lithuania.

Luminor is the leading independent bank in the Baltics and the third largest provider of financial services in the region. The bank was formed on the basis of DnB and Nordea merging their Baltic banking operations. It serves around 800,000 customers in the Baltics and has a total asset base of over US$14 billion. Luminor was acquired by the US investment group Blackstone in 2018.

Maksekeskus was founded in 2012 in Estonia. It provides e-merchants and their customers with secure and convenient payment solutions (banklinks, PIS, VISA/Mastercard, BNPL integrations) and e-commerce-related services in Estonia, Latvia, Lithuania and Finland. Maksekeskus has grown significantly in recent years, benefiting from the rapid e-commerce volume growth, and now serves more than 3,100 active operators in the region.

Maksekeskus was owned by Omniva (56%), the Estonian state-owned postal and parcel delivery business; Inbank AS (30%), the Estonian-based consumer financing group; and Olsson & Nielsen Nordic (12%), a local group of companies active in renewable energy and IT solutions.

Oaklins’ team in Estonia acted as the exclusive buy-side advisor to Luminor and the main shareholder Blackstone on the acquisition of Maksekeskus. Leveraging our previous track record with Maksekeskus and our access to key stake holders on the target side, we were able to provide swift contact between the parties. We advised the client on deal tactics, negotiations and valuation modelling.

Service
M&A buy-side
Parties

Talk to the deal team

 Heikki  Källu

Heikki Källu

Partner
Tallinn, Estonia
Oaklins Baltics
 Jüri  Härm

Jüri Härm

Senior Associate
Tallinn, Estonia
Oaklins Baltics

Related deals

Pragmatics has been acquired by World of Talents
Private Equity | Business Support Services

Pragmatics has been acquired by World of Talents

Pragmatics, a Netherlands-based leading provider of interim finance consultants, has been acquired by World of Talents (holding above House of Talents in Belgium and The Human Network in the Netherlands), an international HR group with a focus on profiles that are scarce and in high demand. By joining forces, Pragmatics and World of Talents will accelerate growth in the market for financial talents.

Learn more
Aareon AG has sold phi-Consulting GmbH to the management team
Private Equity | TMT

Aareon AG has sold phi-Consulting GmbH to the management team

Aareon AG has sold phi-Consulting GmbH to the company’s management team.

Learn more
Nova Consulting Group becomes majority shareholder in Egde Consulting
Private Equity | TMT

Nova Consulting Group becomes majority shareholder in Egde Consulting

Nova Consulting Group AS (NOVA) has become the new majority owner of Egde Consulting AS (Egde). With the acquisition, NOVA will significantly improve its foothold in the Norwegian market. The founders and existing employee-shareholders of Egde will retain a significant part of their shareholding in the company and the new ownership model will give all employees in Egde the opportunity to take part in the long-term value creation as co-owners of the company.

Learn more