4 July 2016 – Expansión
The Nordic group Axactor, which purchased Geslico last month, is another star player in the market. It has just acquired its fourth portfolio in Spain: Project Otello, from BMN, containing €144 million worth of NPLs. The investment will be financed using Axactor’s available liquidity and credit facilities from the Norewgian bank DNB. The deal forms part of the Norwegian group’s strategy to grow in the main European markets.
By purchasing the portfolio directly from BMN, this operation is the first that the company has completed in the primary market, a type of transaction that requires greater financial and legal compliance than acquisitions made in the secondary market.
Original story: Expansión
Translation: Carmel Drake