UAE-based NEOPAY has entered into a definitive agreement to acquire a 65% controlling stake in noon payments.
Financial terms of the deal were not disclosed.
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According to a statement, the deal will combine NEOPAY’s payment acquiring infrastructure, omnichannel acceptance capabilities and merchant services platform with noon payments’ embedded payments platform, e-commerce gateway and merchant network.
noon payments operates across the UAE, Saudi Arabia and Egypt.
NEOPAY added the acquisition will “expand” its digital commerce capabilities, further “strengthening” its position in the UAE.
The transaction, once complete, will also give NEOPAY access to additional merchant relationships and payment flows. The digital payments company also plans to accelerate the rollout of regional payment options, including alternative payment methods and instalment options.
NEOPAY CEO Vibhor Mundhada said: “This is an important milestone in NEOPAY’s journey. We have built a strong payments business in the UAE, and our ambition now is to take that capability across the region.
“noon payments have built an impressive digital payments platform and a strong presence across some of MENA’s most important e-commerce markets.
“By bringing together NEOPAY’s acquiring and omnichannel capabilities with noon payments’ strength in digital commerce, we have an opportunity to create something differentiated — a trulyregional payments platform that can serve merchants seamlessly across channels and markets.
“The transaction will deepen our presence in Saudi Arabia and Egypt, reinforce our leadership in the UAE, and accelerate our ability to deliver simple, intelligent and locally relevant payment experiences for merchants across MENA.”
The transaction is subject to customary conditions precedent, including applicable regulatory and antitrust approvals.
