Nets Cee d.o.o. za karticno poslovanje entered into a Framework agreement to acquire PBZ Card d.o.o. from Privredna banka Zagreb d.d. for ?180 million on June 2, 2022. Nets Cee d.o.o. za karticno poslovanje entered into an agreement to acquire PBZ Card d.o.o. from Privredna banka Zagreb d.d. on June 17, 2022.
The consideration for the transaction is equal to ?180 million, with an implied 2022E EV/EBITDA multiple of about 10.5x. The completion of the transaction, expected by the end of 2022, is subject to typical conditions, including Nets CEE obtaining a license to operate as a payment institution in Croatia and the approvals from the Croatian and Serbian antitrust authorities and is subject to approval from regulatory authorities. The transaction is expected to complete by the end of 2022. As of September 27, 2022, the transaction has been approved by the Croatian Competition Commission. KPMG Croatia d.o.o, Investment Banking Arm acted as financial advisor to Nets Cee d.o.o. za karticno poslovanje. Legance - Avvocati Associati. Vladimir Iurkovski, Ivan Einwalter, Christoph Haid, Dina Vlahov Buhin, Ana Marjancic and Jasmine Schuster of Schönherr Rechtsanwälte Gmbh acted as legal advisor and provided due diligence to NETS CEE d.o.o. za karticno poslovanje. KPMG Croatia d.o.o provided financial and fiscal due diligence to NETS CEE d.o.o. za karticno poslovanje.

Nets Cee d.o.o. za karticno poslovanje completed the acquisition of PBZ Card d.o.o. from Privredna banka Zagreb d.d. on February 28, 2023.