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DDM acquires a Hungarian portfolio
DDM Holding AG (First North: DDM) – through its wholly owned subsidiary DDM Group AG or the “Company” – has acquired 100% of the shares in SUMMIT Zrt (“Summit”), a regulated Hungarian financial services company which owns a portfolio of consumer debts relating to loans originated on the Hungarian market. DDM Group AG has acquired ownership of the Hungarian company Summit from Sumitomo Corporation.
One of the world’s largest financial institutions provided financing as a co-investor in connection with this acquisition, while entrusting management of the company and the collections services to DDM.
As part of the transaction DDM has received approval from the Hungarian National Bank to become the new beneficial owner of the licenced entity Summit. The licence facilitates further acquisitions on the Hungarian market through the acquired entity.
Gustav Hultgren, CEO of DDM commented: “We are extremely pleased to enter a new market, taking the next step in the realisation of DDM’s strategy for geographical diversification. We welcome Summit as a company that will provide a strong entry point to the Hungarian market where we see great opportunities for further growth and investment”.