By Dominic Chopping 
 

Business and consumer information provider Asiakastieto Group Oyj (ATG1V.HE) on Tuesday agreed to buy Swedish credit-reference agency UC AB from a group of Nordic banks for 340 million euros ($416 million) in cash and new shares.

In a joint statement, the companies said the deal is in response to new technologies and increasing regulation, as the combined group will be able to exploit data in a more efficient manner. Companies are increasingly focusing on their core businesses and there is an increasing demand for cross-border services, they said.

"Asiakastieto and UC will join forces to meet the changing customer needs," the statement said. "The combination of Asiakastieto and UC creates one of the leading Nordic companies in digital services and data innovation with strong market positions in Finland and Sweden."

The deal comprises EUR98.8 million in cash and 8,828,343 newly issued shares in Finland's Asiakastieto that will be split between UC's current owners: Skandinaviska Enskilda Banken AB (SEB-A.SK), Nordea Bank AB (NDA.SK), Svenska Handelsbanken AB (SHB-B.SK), Swedbank AB (SWED-A.SK), the Swedish branch of Danske Bank A/S (DANSKE.KO) and Lansforsakringar Bank AB.

In separate announcements, SEB said it owns 28% of UC and will receive 2,441,920 shares in Asiakastieto--equivalent to 10.2% of the Finnish company--and 300 million Swedish kronor ($35.5 million) in cash. Nordea said it owns 26.1% of UC and will receive 2,303,315 shares in Asiakastieto, equivalent to 9.6% of the company and EUR26 million in cash.

Handelsbanken said its 24.5% stake in UC will give it 2,161,178 Asiakastieto shares, corresponding to 9% of the company and EUR24.2 million in cash, while Swedbank owns 20% of UC's shares and will receive 1,765,669 Asiakastieto shares, equaling 7.4% of the company and approximately SEK200 million in cash.

Annual synergies from the deal are expected to total at least EUR17 million by 2021.

Completion is expected in the second quarter of 2018, subject to shareholder and regulatory approval.

Asiakastieto shares trade 5.1% higher in Helsinki at EUR28.70.

Write to Dominic Chopping at dominic.chopping@wsj.com; @domchopping, @WSJNordics

(END) Dow Jones Newswires

April 24, 2018 05:47 ET (09:47 GMT)