US-listed Portfolio Recovery Associates, Inc. (PRA) has announced its acquisition of the Norwegian Aktiv Kapital Group (AK).
The deal is valued at approx. USD 1.3 billion in total. The purchase price for all of AK’s shares is approx. USD 880 million. PRA has also agreed to assume AK’s liabilities for USD 435 million. The transaction is scheduled to close in the second quarter of 2014.
AK specialises in acquiring and servicing non-performing consumer loans. Headquartered in Norway, AK operates across Europe and Canada. AK serves the German market through Aktiv Kapital Deutschland GmbH, which is based in Duisburg.
PRA is a leading financial and business services company operating in the US and listed on the NASDAQ. At year-end 2013, the firm reported estimated remaining collections from customers of USD 2.7 billion.
Gleiss Lutz worked together with Sidley Austin LLP on the transaction, advising PRA on the German aspects of the deal.
The Gleiss Lutz team comprised Dr. Jan Bauer (partner, corporate/M&A), Sebastian Tusch (financial regulatory, both lead), Hendrik Plath (corporate/M&A), Dr. Stephan Aubel (partner), Alexander Gebhardt (both capital markets), Dr. Stefan Mayer (partner), Melanie Nadler (both tax), Dr. Thomas Winzer (partner), Tobias Abend (both employment), Dr. Claudia-Maria Wirth (real estate, all Frankfurt), Dr. Martin Hossenfelder (IP) and Hannah Kröger (data protection, both Berlin).
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