FRANKFURT Private equity firms Advent and Bain Capital agreed to buy German payment group Concardis from a group of private, savings and cooperative banks, the parties said in a joint statement on Friday, not disclosing a purchase price.
Sources told Reuters last week that Advent and Bain Capital were close to buying Concardis for about 700 million euros ($745 million).
Concardis offers card-payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners.
Deutsche Bank (DBKGn.DE) holds 16 percent of Concardis, DZ Bank 19 percent on behalf of its cooperative bank members and German savings banks hold a total of 39 percent. Smaller stakes are held by Commerzbank (CBKG.DE) and Unicredit (CRDI.MI).
(This story corrects to show in last paragraph that Deutsche Bank is not the biggest shareholder)
(Reporting by Alexander Huebner; Writing by Christoph Steitz; Editing by Georgina Prodhan/Ruth Pitchford)