Russian payment services firm QIWI has reached an agreement to buy the Contact money transfer system and the Rapida payment processing system from Otkritie Financial.

As per the terms of the deal, QIWI will issue 5,593,041 class B shares to Otkritie in exchange for all of the outstanding interests in Contact and Rapida.

Additionally, QIWI and Otkritie are planning to sign a cooperation agreement for the launch of new products and services in the financial services market vertical.

Subject to regulatory approvals and other customary closing conditions, the transactions are expected to complete in two installments by mid-September 2015.

The deal is expected to contribute approximately between 15% and 20% in annualized terms to both QIWI’s adjusted net revenue and adjusted net profit in 2015.

QIWI CEO Sergey Solonin said: "We view this partnership as mutually beneficial and expect it to contribute to strengthening our position in the financial services market vertical through the introduction of new products and services."