Published: Jan. 23, 2024 at 7:51 a.m. ET
By Dominic Chopping
STOCKHOLM–Intrum said late Monday that it will sell the majority of its investment portfolio to affiliates of Cerberus Capital Management for 8.2 billion Swedish kronor ($783.8 million).
The Swedish debt collector said the deal will see a portfolio of mainly unsecured assets acquired by an entity in which Cerberus will…
By Dominic Chopping
STOCKHOLM–Intrum said late Monday that it will sell the majority of its investment portfolio to affiliates of Cerberus Capital Management for 8.2 billion Swedish kronor ($783.8 million).
The Swedish debt collector said the deal will see a portfolio of mainly unsecured assets acquired by an entity in which Cerberus will hold a 65% stake and Intrum will hold 35%.
“This transaction is an important step that will allow us to de-lever our balance sheet, while maintaining exposure to the asset,” said Intrum Chief Executive Andres Rubio. “The transaction is an important step to a more capital-light business model – reduced balance sheet intensity while leveraging our servicing capabilities and increasing our highly valued recurring-servicing income.”
Net proceeds will be used to reduce debt upon completion, expected during the first half of 2024.
Write to Dominic Chopping at dominic.chopping@wsj.com
