Nets Expands Reach Into Baltics With Acquisition

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Northern European Transaction Services, a card-transaction processor serving Europe's Nordic countries, says it has acquired Pankade Kaardikeskus AS, an Estonian processor also known as PKK. The Estonian firm process about 100 million debit and credit card transactions each year, Klaus Frandsen, CEO of the Nordic company, which also is known at NETS, tells CardLine Global. The company handles some 2.7 billion transactions annually. "NETS want to deliver total geographical coverage to Nordic banks and merchants," Frandsen says. "The Baltic [countries] are rapidly becoming an integral part of a Nordic/Baltic region, with the same banks and the merchants operating in all parts of the region." Norway-based BBS AS and Denmark-based PBS AS own NETS.