Hellman & Friedman is the front runner for acquiring Scandinavia’s largest payments processor Nets

With the growing global trend of a cashless economy, the payments processing business has seen a a flurry of M&A.

The Financial Times has reported citing sources close to the discussion that Hellman & Friedman, a

U.S. private equity firm, is the front runner in the race to acquire Nets, Scandinavia’s largest payments processor.

The deal is expected to value Nets at more than $5.01 billion (31.3 billion Danish crowns).

Earlier this month, Nets’ CEO had stated the company is seeing “considerable interest” from potential buyers.

Following a flurry of mergers and acquisition in the payment processing sector, Nets could be the next big deal.

Earlier this month, U.S. credit card payments processor Vantiv finalized a deal to acquire Britain’s Worldpay, the country’s largest payments processor, for $10.35 billion (8 billion pounds).

U.S. payment processing giants, including Mastercard, are seen as suitors for Nets, which currently has a market capitalization of 29.16 billion Danish crowns.

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