SEB Kort, a payment card issuer with operations in Nordic countries, will purchase 100% of Germany-based Lufthansa AirPlus Servicekarten for $495 million (€450 million) in cash. The deal is expected to close in the first quarter of 2024. AirPlus had revenues of $255 million (€231 million) last year.

Among credit card issuers in Europe, AirPlus ranked 26th largest based on purchase volume of $11.35 billion in 2022. The 472,127 AirPlus cards in circulation at year-end 2022 carried the Mastercard brand.

The company also proce...