Ingenico, a payment solutions provider, has formed a strategic partnership with Fosun, a China-based investment group, to accelerate development in China.

The deal will take the form of an investment by a fund managed by Fosun into Ingenico Group’s Hong Kong-based holding.

Under the terms of the deal, Fosun will also acquire a 20% minority stake in Ingenico’s Chinese activities.

The partnership, which integrates Ingenico Group’s technologies and expertise in payment with Fosun’s extensive foothold and investment capacity, aims to strengthen both the companies’ presence in the Chinese payment ecosystem.

Ingenico Group chairman and CEO Philippe Lazare said: "With Fosun on board, we are entering the next phase of our development strategy in China with the right partner. This is a unique opportunity to capture China’s growth potential in payment terminals and beyond."

Fosun chairman Guo Guangchang said: "We believe that this partnership will effectively combine our resources in financial services and Mobile Internet with Landi’s strong foothold , thus enhancing Fosun’s comprehensive financial capabilities while driving Ingenico Group’s growth in the electronic payment market in China."

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By GlobalData