June 19 (SeeNews) - Switzerland-based DDM Holding said on Wednesday it has entered into an agreement to acquire a distressed asset portfolio of some 200 million euro ($224 million) in gross collection value in Croatia from a leading group in the region.
The portfolio contains secured and unsecured consumer and corporate receivables, DDM said in a statement without disclosing the name of the seller.
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The acquisition is pending regulatory approval and is expected to close in the third quarter of 2019
The transaction will be financed by internally generated cash flows and drawing rights under the bank facility, DDM said.
“I am very pleased to announce another important step for the DDM Group, which builds on our experience from sizeable investments in Slovenia and Croatia in the last three years,” DDM CEO, Henrik Wennerholm, said.
Earlier this month, DDM completed in a 50/50 joint venture with Norway's B2Holding the acquisition of a distressed asset portfolio of 800 million euro in gross collection value in Croatia from Austria's HETA Asset Resolution, the 'bad bank' of former Hypo Alpe Adria International.
DDM is a specialist acquirer and manager of distressed asset portfolios in Southern, Central and Eastern Europe, while B2Holding provides debt solutions for banks and institutional vendors.
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