Buy now pay later firm Klarna sells its Checkout unit for over €480m 

Deutsche Bank AG served as the sole financial adviser to Klarna on the deal, which took more than a year to put together

The Swedish company's buy now and pay later facility allows customers purchasing items online to spread the cost out over a number of payments.

Swedish finance company Klarna Bank is looking to get out of one of its key payments businesses after the financial technology giant found the unit created a conflict of interest with peers like Adyen or Stripe.

An investor consortium has agreed to acquire Klarna’s Checkout business in a deal that values the unit at 5.4bn kronor (€484.6m), according to documents obtained by Bloomberg News.