STOCKHOLM, July 31,
2024 /PRNewswire/ -- SEB Group's wholly owned
subsidiary SEB Kort Bank AB has today, following receipt and
fulfilment of regulatory approvals and closing conditions,
completed the acquisition of AirPlus International GmbH
("AirPlus").
The acquisition, which was announced on 21 June 2023, was subject to customary regulatory
approvals and closing conditions. Approvals and conditions have now
been received and fulfilled, and AirPlus will be part of SEB Group
as of 1 August 2024.
The agreed cash purchase price for AirPlus is approximately
EUR 450m. The transaction is expected
to affect SEB's CET1 ratio negatively by approximately 45-50 basis
points, mainly through an increased risk exposure amount. The
transaction is expected to enhance return on equity in the medium
term for SEB Group. The transaction is expected to be EPS accretive
in year 1 from closing, excluding implementation costs, and EPS
accretive in year 2 from closing, including implementation
costs.
AirPlus' total revenues amounted to SEK
2.1 billion in 2023 and SEK 1.2
billion during the first half of 2024. Total expenses
amounted to SEK 2.9 billion in 2023
and SEK 1.5 billion during the first
half of 2024.*
SEB Kort's total income amounted to SEK
1.9 billion in 2023 and SEK 1.0
billion during the first half of 2024. Total expenses
amounted to SEK 1.5 billion in 2023
and SEK 0.8 billion during the first
half of 2024.
SEB plans to provide additional information about the
acquisition, including an updated cost target for SEB Group for
2024 that takes the Airplus-related running and implementation
costs into account, at the latest in combination with the
publication of the interim report for the third quarter 2024 which
is scheduled for 24 October 2024.
About AirPlus and SEB Kort
AirPlus is a leading provider of corporate payment services,
offering company accounts, virtual cards and corporate cards to a
diversified base of corporate customers. The company has a leading
global position, with a particularly strong footprint in the DACH
region and Europe, where it
generates most of its revenue. AirPlus is now operating on a modern
IT platform after having made significant investments in its IT
transformation for several years.
SEB Kort is a wholly owned subsidiary of SEB Group and part of
the bank's division Corporate & Private Customers. SEB Kort is
a leading provider of corporate payment solutions in the Nordics,
such as corporate cards, company accounts and co-branding. It also
provides payment and financing solutions and other related services
to both private individuals and corporate customers in the Nordic
region. SEB Kort's leading position has over time been created both
through organic growth and selective acquisitions.
*Preliminary AirPlus revenues and expenses
CONTACT:
For further information, contact:
Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se
Niklas Magnusson, Head of Media
Relations & External Communication
+46 70 763 8243
niklas.x.magnusson@seb.se
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