Swedbank signs an agreement with Euronet to outsource ATM services and to sell ATM assets in the Baltics

LEAWOOD, Kan. — Euronet has announced signing an agreement with Swedbank to acquire the bank’s ATM assets and provide ATM outsourcing services in Estonia, Latvia and Lithuania. Ellex advised Swedbank on the transaction.

Under the agreement, Euronet will acquire the bank’s in-branch and off-branch ATM assets in all three Baltic countries while ensuring seamless migration to Euronet’s state-of-the-art Ren payments processing platform and integration with the bank’s existing systems.

The Swedbank ATM network has 1,141 ATMs (373 in Estonia, 362 in Latvia and 406 in Lithuania) and includes cash withdrawal and cash deposit/recycling ATMs. The migration will start in the fall of 2025.

The agreement will result in an optimized and more sustainable operation of Swedbank’s ATM fleet, enhancing its ATM footprint with state-of-the-art services for its customers while reducing operational costs and capital expenditures. It also will allow personalized user experiences for the bank’s customers within the same screen flows, transaction sets and look-and-feel to ensure absolute business continuity. In addition, Euronet will maintain Swedbank’s ATM branding elements and signage with the bank’s brand remaining visible throughout the acquired ATM network.

The agreement in the Baltics follows a series of global ATM expansion initiatives for Euronet, including recent acquisitions of ATM assets and the provision of ATM network participation services to multiple banks.

Ellex advised Swedbank on the transaction. Given the complexity of transaction, this project involved Ellex experts from Commercial Transactions, Banking & Financial Services, Competition, Tax, Real Estate and Data Protection teams across all three Baltic countries. The key contributors on Ellex side were: Counsel Gerd Laub, Partners Martin Käerdi and Martin Mäesalu, Senior Associate Kevin Gerretz and Lawyer Miikael Tuus (Estonia), Managing partner Liga Merwin, Associate partner Marta Cera, Head of tax practice Eduards Dzintars and Associate Elīza Semkina (Latvia), Partners Ieva Dosinaitė and Marius Juonys, Expert Ilona Jančiauskaitė, Associate partner Julija Šlekonytė and Senior associates Augustinas Mačionis and Laura Paulaitė (Lithuania).

Swedbank is one of the leading banks in the Baltic States and Sweden. The bank is listed on the Stockholm Stock Exchange OMX Nordic Exchange. Swedbank serves over 7 million private customers and over 0.5 million corporate clients and organizations in its four home markets – Sweden, Estonia, Latvia and Lithuania.