Australian “buy now, pay later” (BNPL) services provider Afterpay has inked a deal to acquire Spain-based peer Pagantis from NBQ Corporate for a minimum consideration of €50m ($59m).

Under the deal terms, NBQ will receive €5m in cash upon closing and a minimum €45m in deferred payment three years after closing.

Serving ecommerce merchants, Pagantis operates in Spain, Italy and France.

By acquiring Pagantis, Afterpay will be able to expand its footprint into these European countries.

The acquisition comes at a time when the Covid-19 pandemic has pushed online shopping in the region.

Pagantis will discontinue its existing credit products. In Europe, Afterpay will offer BNPL products of Pagantis under its Clearpay brand.

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Clearpay will begin offering its products across Europe once it secures regulatory approval.

Moreover, the acquisition will also help the company meet its retail customers’ demand for BNPL services across European ecommerce sites.

Afterpay is currently available in Australia, New Zealand, the US and the UK.

Afterpay co-founder and CEO Anthony Eisen said: “Acquiring Pagantis provides us with the necessary regulatory licensing, resourcing and infrastructure to expedite the launch of Afterpay into key countries in Southern Europe and beyond.”

Last month, Afterpay partnered Google Pay to expand its BNPL service.

In May, Chinese fintech giant Tencent acquired a 5% stake in the Australian firm.