French payments provider Ingenico Group has agreed to acquire Paymark, a New Zealand-based payment network, for NZD 190m ($138m) from its bank shareholders ANZ, ASB, BNZ and Westpac.

Auckland-based Paymark is connected to all key card issuers and merchant acquirers and to over 80,000 merchants. The firm processes more than 1 billion transactions annually.

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Paymark will become part of Ingenico’s banks & acquirers business division following the completion of the deal.

Ingenico EVP of banks and acquirers business unit Patrice Le Marre said: “The acquisition of Paymark represents a great addition to the company’s portfolio and is fully aligned with Ingenico Group’s strategy to provide payment solutions and services across all channels. It is a strong springboard to deploy that strategy in the Pacific region.

“We will continue to invest in Paymark in order to keep providing the best payment solutions to serve our customers including ANZ, ASB, BNZ and Westpac, with whom we have built strong relationships in the region.”

The deal is expected to be wrapped up in the second quarter of 2018, subject to regulatory approval.

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By integrating its terminals assets with Paymark and Bambora in the Pacific region, Ingenico aims to offer New Zealand retailers and financial institutions a complete suite of omnichannel services including POS and terminal management, in-store and online processing capabilities as well as valued-added services.

Ingenico acquired Swedish payments provider Bambora for €1.5bn in November last year.