Irish-based payments network Payzone has sold its payments services business in Sweden in to the Nordic payment transaction services group Nets for an undisclosed sum.

The subsidiary being sold is Payzone Nordic, a payment services system for the retail, hotel and restaurant sectors.

Headquartered in Stockholm, it was established in 1989 and processes over 150 million transactions per year.

Nets already has a position in the point of sale (POS) market in the Nordic region and the acquisition will strengthen its position in the Swedish POS market.

The operations of Payzone in Ireland, UK, Romania and Greece are not affected by the transaction, the company said.

Payzone chief executive Mike Maloney said the deal was a strategically significant for Payzone's shareholders.

“Since the corporate restructuring of the group in 2010, we have been focussing on building core markets and businesses.

“We will now continue to focus on growing Payzone Group’s business in other markets where we have invested significantly in technology infrastructure to facilitate the growth of payments in newer categories such as pre-paid utility and public sector payments. We are also growing the range of payments options we offer to consumers to include all virtual channels alongside our retailer network of terminals.”