doValue SpA has completed the acquisition of 100% of coeo Group from Waterland Private Equity. To maintain an asset-light business model, doValue plans to divest the portfolio of loans currently held on coeo’s balance sheet to a third-party investor for approximately €60–€70 million. The acquisition was financed via a €325 million bridge-to-bond facility. The strategic rationale for this transformational deal is to accelerate doValue’s diversification into the fast-growing BNPL and e-commerce segments while securing a strong foothold in Germany and Northern Europe. By integrating coeo’s "cAI" technological ecosystem, doValue significantly enhances its AI-driven automation capabilities, allowing it to manage higher volumes with superior efficiency. The merger shifts the group’s pro-forma revenue composition, with non-NPL revenues expected to reach approximately 55% by 2026. This move not only expands doValue’s geographic reach but also introduces a highly recurring and visible revenue profile through coeo’s established relationships with blue-chip multinational clients. The deal positions the combined entity as the leading AI-powered credit management platform in Europe, setting new standards for digital debt collection and customer experience.