Net 1 UEPS Technologies, Inc.

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  • Mon, Jan. 25, 12:22 PM
    • Net1 UEPS (UEPS +2.4%) has acquired the 56% of Hong Kong-based payment services provider Transact24 (T24) it didn't purchase last May. The company is paying an undisclosed amount of cash, and issuing 391,645 shares (current value of $4.1M).
    • Net1 adds it repurchased 749,123 shares in November and December at a cost of $11.2M. Half the shares issued in the T24 deal are "contractually restricted as to resale until after June 30, 2016, and the remaining 50% of the shares are so restricted until after June 30, 2017."
    • T24 has prepaid card-related partnerships with Visa and Chinese bank card giant China UnionPay. Net1 CEO Serge Belamant: "During our short history [with T24], we have already identified many strategic opportunities and we look forward to them playing an integral role in scaling up Net1's businesses internationally, including in China."
    • Last June: Net1 buys 25% stake in Nigerian credit provider
    | Mon, Jan. 25, 12:22 PM
Company Description
Net 1 Ueps Technologies Inc provides payment solutions and transaction processing services across multiple industries. The Company also provides financial services along with hardware solutions.
Sector: Services
Country: United States