Telecoms and computer group ITG is buying Genidata, a Swedish credit card processing firm, in a cash and stock deal valued at €12.5 million (£9.9 million).

The buyout will be the company's second in Europe in less than two months and the latest in a string of acquisitions, aimed at strengthening its position in the European card services market.

Under terms of the deal, ITG will pay €7.56 million in cash and another €4.94 million in new ITG shares. In return, it will inherit Genidata's 4,200 credit card terminals at hotels and retail outlets across Sweden and Norway. Genidata is also poised to expand into Denmark and Finland, ITG chief executive Mr. John Nagle said.