Agecredit Acquired by KRUK

The Management Board of KRUK S.A. announced the Company concluded an agreement with the shareholder of Agecredi S.r.l. of Cesena, Italy for acquisition of 51% of the shares in Agecredit.

KRUK has signed a contract to acquire 51% stake in Agecredit srl based in Cesena, operating on the Italian third-party debt collection market. The transaction will strengthen the development of the key segment of Group's operations – third-party debt collection business. Ultimately, within a few months, KRUK will own 100% of the company.

We mark the next pillar of our development strategy - on the Italian market, several times bigger than in Poland, we will offer third party debt collection services. Agecredit is an older organization than KRUK, run by the same entrepreneur for over 20 years - in a way that we understand and appreciate. The company has effective operations and a solid base of business partners. KRUK will bring international experience and business relationships with the largest Italian banks, established in the process of purchasing portfolios on this market. The potential of the entire third-party debt collection market is huge and we estimate it at EUR 700-800m per year. We want to become an important player there. - says Piotr Krupa, president of KRUK S.A.

GLG & Partners dealt with the legal, regulatory and contractual profiles while the tax profiles were followed by Lorena Pellissier of Belluzzo and the accounting aspects of the transaction by Epyon.