Net 1 UEPS Technologies has acquired the remaining 40% stake in Masterpayment, a specialist payment services processor based in Munich, Germany.
Net1 now owns 100% of Masterpayment, having acquired 60% of the German payment services processor for an undisclosed amount in April 2016.
Go deeper with GlobalData
The company also revealed that it has finalised the earn-out purchase consideration related to transaction concluded in April 2016.
Net1 chairman and CEO Serge Belamant said: "We believe there is an opportunity to accelerate the wider implementation of Masterpayment’s business model across carefully selected markets. We therefore decided to acquire the remaining 40% shareholding to ensure that the Masterpayment management team can be completely focused on the implementation of this strategy.
"As part of this transaction, Masterpayment’s executive management have committed to five year employment agreements, including variable compensation aligned with the delivery of our strategic plan.
"We have committed to provide Masterpayment with the additional working capital required to drive the considerable expansion of their business activities over the next eighteen months, and we expect these initiatives to contribute meaningfully to our operating results during the 2018 fiscal year," he concluded.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
