European debt purchase specialist Intrum has announced that it has completed the finalisation of regulatory approvals to finalise the acquisition of Solvia Servicios Inmobiliarios (Solvia) from Banco Sabadell following the initial announcement in December 2018.

The agreement means that Intrum will acquire an 80 per cent share in Solvia, whilst Banco Sabadell, one of the largest banks in Spain, retains the remaining 20 per cent.

Mikael Ericson, President and CEO of Intrum said “With this agreement, we strengthen and extend our commercial relationship with Banco Sabadell, deepen our partnership and broaden the cooperation between both companies. I am pleased to say that Solvia will be a long-term positive contribution to our Spanish business.”

Solvia is a real estate service provider in Spain, with a broad spectrum of assets under management including residential mortgages, corporate and SME loans, commercial real estate, secured and unsecured receivables and Real Estate Owned (REOs) portfolios. The company has a wide range of customers such as private individuals, companies and investors and has around 700 employees.