Luminor completes the acquisition of Maksekeskus

Luminor Bank AS today announces that it has completed the acquisition of 99% of the shares of Maksekeskus (MKK), the leading e-commerce payment service provider in the Baltic region. The acquisition will strengthen Luminor’s presence in the fast-growing e-commerce payments market.

The purchase of Maksekeskus by Luminor from Omniva, Inbank, and Olsson & Nielsen Nordic, announced on 1 February, was approved by the Estonian Competition Authority and the Estonian Financial Supervision Authority.
 
MKK provides e-merchants and their customers with secure and convenient payment solutions and e-commerce-related services in Estonia, Latvia, Lithuania and Finland. The company has grown significantly in recent years under the leadership of CEO Art Lukas, and now serves more than 3,100 active merchants in the Baltics.
 
MKK was founded in 2012 in Estonia where it is the market leader in e-commerce payment services. The acquisition by Luminor will accelerate the expansion of MKK outside of Estonia, in particular leveraging Luminor's network and customer base in Latvia and Lithuania. Art Lukas stays on as CEO and will lead MKK under Luminor's ownership.

“This transaction supports our growth strategy and broadens our products and client service capabilities. The acquisition will strengthen Luminor’s presence in the fast-growing e-commerce payments market and transform our small and medium-sized enterprises (SME) offering for the benefit of our customers. We look forward to working with Art Lukas and the MKK team to bring innovative payment solutions to our large network of SME customers,” says Luminor CEO, Peter Bosek.
 
Chairman of the Board of Omniva, Mart Mägi, commented: “The Maksekeskus team has done an excellent job, for which we are most appreciative. We believe that there are more exciting challenges ahead. We thank our other shareholders and wish every success to the Luminor team.”

“Luminor’s research shows that many SMEs in the Baltics are yet to benefit from moving their businesses online. Our pan-Baltic reach will help to accelerate MKK's expansion into Latvia and Lithuania, and the acquisition will strengthen our SME footprint in Estonia,” added Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.
 
Deloitte acted as financial, tax and IT, Oaklins as investment banking and Sorainen as legal advisers to Luminor. Superia acted as financial and Cobalt as legal advisers to the selling shareholders and Maksekeskus.