Vipps AS entered into an agreement to acquire MobilePay Finland Oy and Pivo Wallet Oy from Danske Bank A/S (CPSE:DANSKE) and OP Financial Group on June 30, 2021. The banks behind Vipps will own 65% of the new parent company, Vipps AS, Danske Bank will own 25% and the OP Financial Group will own 10%. The reason for the Norwegian share is that the banks behind Vipps cover almost the entire Norwegian banking sector. Danske Bank will continue to be a dedicated co-owner of the new business. The merged company will be based in Oslo and will be under the supervision of the Norwegian Financial Supervisory Authority. After the operation, the firm will develop a common technological platform from which Vipps uses. Rune Garborg, the current CEO of Vipps, will become the CEO of the merged business. Claus Bunkenborg, the current CEO of MobilePay, will also become a member of the executive board. Kjerstin Braathen, current chairman of Vipps and CEO of the largest bank in Norway, DNB, will be chairman of the board of directors of the new company. Danske Bank and OP will appoint members to the board of directors corresponding to their respective ownership shares. All of MobilePay’s locations in Finland (Helsinki), Denmark (Copenhagen and Brabrand) and Lithuania (Vilnius) will continue unchanged. The merger is conditional on approval by the relevant authorities, including the European Commission. Final approval is expected in the second half of 2021 or in early 2022, hence the one off gain is not included in our current outlook for the full year.