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Advent, Bain Capital agree to buy payments group Concardis: Reuters

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).