Intrum - comment

The company has signed the investment partnership agreement with Cerberus. This is the framework agreement that was underlying the turnaround plan last year. Interestingly, although not surprisingly, Cerberus have exclusivity for three years on all investments. Intrum receive five-year servicing contracts, although we see them as permanent, since changing servicer on older portfolios is not usually a good thing. The framework foresees a joint investment volume of €1bn p.a. of which Cerberus will be contributing the vast majority.