Euronet Worldwide, Inc. (EEFT), a prominent provider of financial technology solutions and payment services, announced on Thursday its agreement to acquire the ATM assets of Swedbank AB (SWED-A.ST). This acquisition includes providing ATM outsourcing services in the Baltic nations of Lithuania, Estonia, and Latvia, with the transition set to commence in the fall of 2025.
This strategic acquisition aims to fortify Euronet’s European operations and underscore its attractive ATM offerings for consumers, businesses, and financial institutions.
Under the terms of the agreement, Euronet will take ownership of Swedbank’s ATMs, both within branch locations and standalone sites across Estonia, Latvia, and Lithuania. Euronet will integrate these machines into its Ren payment processing platform, ensuring seamless connectivity with Swedbank’s existing systems.
Swedbank’s ATM network comprises a total of 1,141 machines, distributed among Estonia (373 machines), Latvia (362 machines), and Lithuania (406 machines). These ATMs facilitate cash withdrawals as well as deposit and recycling functions.
Olof Sundblad, Acting Head of Swedbank Baltic Banking, commented, “We anticipate that transferring our ATM network services to Euronet will expedite the modernization of our ATM infrastructure in Estonia, Latvia, and Lithuania, providing our customers with enhanced value while maintaining the familiar interface.”
On Wednesday, Euronet’s shares closed 0.74 cents or 0.71% higher, reaching $104.92 on Nasdaq. In premarket trading, the stock rose further by 0.74% to $105.70.
Meanwhile, on Thursday, Swedbank's stock (SWED-A.ST) is trading at 0.10 cents or 0.05% lower, currently priced at $219.30.
The material has been provided by InstaForex Company -
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