Private equity firm Advent International has agreed to purchase a 51% stake in Argentinian payments firm Prisma Medios de Pago.

The acquisition is from a consortium of 14 local banks and also Visa International.

The deal, slated to close at the end of this month, values entire Prisma at $1.42bn.

Existing Prisma shareholders will continue to own a 49% interest in the company.

Advent managing partner in São Paulo Juan Pablo Zucchini said: “Prisma Medios de Pago is the leading player in a market poised for strong growth driven by the increasing penetration of electronic payments in Argentina.

“We look forward to working with the management team and other shareholders to accelerate the company’s development by investing in next-generation products and services and exploring international expansion opportunities.”

Furthermore, services offered by Prisma include point-of-sale rental, e-commerce gateway, electronic bill payment, e-wallet, mPOS, and QR code payment.

Apart from Argentina, the firm has presence in 14 other Latin American countries.

It has a workforce of more than 1,300 and is said to process over 7 billion transactions per year.

Prisma president and CEO Diego Maffeo said: “Advent brings deep sector expertise, a broad international network and significant financial resources to support our continued growth and leadership in payments, both in Argentina and beyond.”