Private equity firms Bain Capital and Advent are close to buying German payment group Concardis for about 700 million euros (598.3 million pounds), three people familiar with the process told Reuters on Friday.

Concardis offers card payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by its key owners.

With a 16 percent stake, Deutsche Bank (DBKGn.DE) is the group’s largest shareholder, while smaller stakes are held by Commerzbank (CBKG.DE), Unicredit (CRDI.MI) as well as savings and cooperative banks.

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