Sergel sold to Marginalen
This morning, June 21, Telia Company announced the agreement to sell its credit management services (CMS) and debt purchase business Sergel to Marginalen. The deal was signed yesterday and the contract and the transaction is conditional on relevant regulatory approvals, including the Swedish Financial Supervisory Authority as well as Competition Authorities. Closing of the transaction is expected to take place in the third quarter 2016.
Telia Company has come to the conclusion to divest Sergel Group after a thorough strategic review, where Sergel was deemed not to be non-core to Telia Company. During recent years Sergel has developed into a strong, competent and well run business but Telia Company conclude that the growth potential can be better materialized by another owner.
"Telia Company is currently undertaking a great transformation. We are focusing on our core business and are looking for opportunities close to the core. Following this transaction, Sergel will be better equipped to leverage on current business opportunities. I am satisfied that through the partnership agreement we have secured a continued close collaboration between Sergel and Telia Company. I am confident that Marginalen will be a dedicated owner and provide Sergel and its employees with an excellent platform for future growth in a responsible and caring way," says Christian Luiga, CFO of Telia Company.
Sergel will be able to deliver the same high quality service and close cooperation with Telia Company also under the ownership of Marginalen. The long-standing relationship between Sergel and Telia Company will remain and the Sergel services will be important for Telia Company also in the future.
Marginalen is a privately-owned bank and financial services company with a total of approximately 700 employees in Sweden, Latvia and Lithuania. Marginalen Bank, a subsidiary of Marginalen AB, offers lending, saving and insurance services to the public in Sweden, Latvia and Lithuania. Marginalen Bank is licensed and regulated by the Swedish Financial Supervisory Authority.