Acquisition Highlights - doValue will acquire 100% of coeo Group from Waterland Private Equity for €350 million upfront cash consideration (including repayment of coeo’s debt) plus up to €40 million earnout in 2028[14, 15] - The acquisition is expected to be financed with a c €325 million bridge-to-bond facility[15] - The acquisition is expected to close by January 2026[14, 55] Strategic Rationale - The acquisition accelerates doValue's growth, diversification, and digital transformation, enabling it to evolve into a long-term high-growth company[15] - coeo's digital capabilities will accelerate the development of doValue's digital platform and its ability to compete in the non-financial receivables space[27] - The acquisition provides access to the high-growth BNPL and e-commerce markets, which are de-correlated from the macro cycle and NPE volumes[27, 29] - The acquisition diversifies doValue's business into the non-financial receivables segment, with non-NPL revenues expected to reach approximately 55% of Group revenues by 2026[11, 50] Financial Impact - The acquisition is expected to result in superior earnings accretion, exceeding 30% in 2027, excluding synergies[15, 45] - coeo's revenue contribution in 2024 was €182 million, with a growth of 38%[44, 47] - coeo's EBITDA contribution in 2024 was €75 million, with a growth of 45%[47] - Post-transaction, leverage is expected to increase to approximately 2.5x in 2025, with deleveraging down to approximately 2.2x in 2026 and 1.7x in 2027[15, 46]