Luminor Bank AS today announces that it has signed an agreement to acquire 99% of the shares of Maksekeskus (MKK), the leading e-commerce payment service provider in the Baltic region, from Omniva, Inbank, and Olsson & Nielsen Nordic. The acquisition will strengthen Luminor’s presence in the fast-growing e-commerce payments market.
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 delivered significant growth in recent years under the leadership of CEO Art Lukas, and now serves more than 3,000 active merchants in the Baltics.
MKK was founded in 2012 by Inbank and Olsson & Nielsen Nordic in Estonia where it is the market leader in e-commerce payment services. The partnership with Luminor will allow the company to significantly accelerate its roll-out outside of Estonia, in particular leveraging Luminor’s network and customer base in Latvia and Lithuania. Art Lukas will stay on as CEO and will lead MKK in its next phase of growth under Luminor’s ownership.
This transaction is subject to approvals by the Estonian Financial Supervision Authority and the Estonian Competition Authority. The transaction is expected to close in the upcoming months.
Nils Melngailis, Chair of the Supervisory Councils of Luminor Holding and Luminor Bank, said:
“This is a very exciting opportunity for Luminor and represents an important milestone for the group. MKK is Luminor’s first acquisition and is in line with our strategy of delivering further growth and broadening our products and client service capabilities. Our combined knowledge and experience in the small and medium enterprise sector will enable our clients to make the most of financial services.”
Luminor CEO, Peter Bosek, said:
“The Baltics is one of the most dynamic e-commerce markets in Europe and this acquisition will allow us to participate in this fast-growing and developing area. It will also transform our SME offering for the benefit of our customers. We see great alignment with our vision to support the growth in SMEs and the broader Baltic economies. 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. We look forward to working with the MKK team to bring innovative payment solutions to our large network of SME customers.”
Chairman of the Board of Omniva Mart Mägi said:
“Maksekeskus was established with the aim of strengthening e-commerce, and its entire team has done extraordinary work to make it happen. As e-commerce is currently undergoing fast development, we see a great development perspective in having a new shareholder for Maksekeskus. For us, the sale of Maksekeskus means that Omniva can increasingly focus on our core business – supporting the delivery of e-commerce, as well as enhancing our sorting capabilities and extending the network of parcel machines.”
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.
According to a study conducted by Luminor*, about a fifth of SME’s surveyed are planning to enter or expand their presence in online business in coming years. About 20 percent of Lithuanian, 18 percent of Estonian and 27 percent of Latvian entrepreneurs’ claim that they are planning to increase their online sales in 2022. A similar trend was seen last year, when the expansion of e‑commerce have been scheduled by 20 percent of Lithuanian, 27 percent of Estonian and 22 percent of Latvian respondents. In addition, some companies agree that one of the factors that will determine their success in 2022 is investment in innovation and technological progress. This was indicated by 11% of respondents in Lithuania, 10 percent In Estonia and 12 percent in Latvia.
*Luminor Bank survey was conducted in September 2021 in collaboration with market research firm Norstat. The survey participants – 750 Baltic SMEs managers and department heads.
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.
Further information about us can be found at www.luminor.lv
Omniva is an international logistics company owned by the Estonian state. The group of Omniva includes Eesti Post Ltd as a dominant company and Payment Centre Estonia Ltd, Omniva UAB in Lithuania and Omniva SIA in Latvia as subsidiaries. The group’s associated company Post11 OÜ also belongs to the group.
About Olsson & Nielsen Nordic
Olsson & Nielsen Nordic is an Estonian capital-based group of companies active in renewable energy and IT solutions. The group also includes Finestmedia AS, the main technology partner of MKK.
Inbank is a consumer finance focused digital bank active in the Baltics, Poland, and the Czechia with additional deposits accepted in Germany, Austria, the Netherlands and Finland. Inbank has over 4,600 active partners and 736,000 active contracts. Inbank bonds are listed on the Nasdaq Baltic Stock Exchange.