SEB completes the acquisition of AirPlus
SEB Group's wholly owned subsidiary SEB Kort Bank AB has today, following receipt and fulfilment of regulatory approvals and closing conditions, completed the acquisition of AirPlus International GmbH ("AirPlus").
The acquisition, which was announced on 21 June 2023, was subject to customary regulatory approvals and closing conditions. Approvals and conditions have now been received and fulfilled, and AirPlus will be part of SEB Group as of 1 August 2024.
The agreed cash purchase price for AirPlus is approximately EUR 450m. The transaction is expected to affect SEB's CET1 ratio negatively by approximately 45-50 basis points, mainly through an increased risk exposure amount. The transaction is expected to enhance return on equity in the medium term for SEB Group. The transaction is expected to be EPS accretive in year 1 from closing, excluding implementation costs, and EPS accretive in year 2 from closing, including implementation costs.
AirPlus' total revenues amounted to SEK 2.1 billion in 2023 and SEK 1.2 billion during the first half of 2024. Total expenses amounted to SEK 2.9 billion in 2023 and SEK 1.5 billion during the first half of 2024.*
SEB Kort's total income amounted to SEK 1.9 billion in 2023 and SEK 1.0 billion during the first half of 2024. Total expenses amounted to SEK 1.5 billion in 2023 and SEK 0.8 billion during the first half of 2024.
SEB plans to provide additional information about the acquisition, including an updated cost target for SEB Group for 2024 that takes the Airplus-related running and implementation costs into account, at the latest in combination with the publication of the interim report for the third quarter 2024 which is scheduled for 24 October 2024.
About AirPlus and SEB Kort
AirPlus is a leading provider of corporate payment services, offering company accounts, virtual cards and corporate cards to a diversified base of corporate customers. The company has a leading global position, with a particularly strong footprint in the DACH region and Europe, where it generates most of its revenue. AirPlus is now operating on a modern IT platform after having made significant investments in its IT transformation for several years.
SEB Kort is a wholly owned subsidiary of SEB Group and part of the bank's division Corporate & Private Customers. SEB Kort is a leading provider of corporate payment solutions in the Nordics, such as corporate cards, company accounts and co-branding. It also provides payment and financing solutions and other related services to both private individuals and corporate customers in the Nordic region. SEB Kort's leading position has over time been created both through organic growth and selective acquisitions.
*Preliminary AirPlus revenues and expenses