Net 1 UEPS: Cash Flow Machine Set To Double
Net 1 UEPS's SASSA Contract Loss Will Re-Rate The Shares Further
Alpha Gen Capital
Alpha Gen Capital
Fri, Jun. 17, 7:06 AM
- Net 1 UEPS Technologies (NASDAQ:UEPS) announces that it exercised its option to acquire the remaining 40% of Masterpayment , a specialist payment services processor based in Munich, Germany. The deal price wasn't disclosed.
- Net1 now owns 100% of Masterpayment, having acquired 60% of Masterpayment in April 2016.
- An earn-out purchase consideration was also worked out.
- "We believe there is an opportunity to accelerate the wider implementation of Masterpayment's business model across carefully selected markets," said Serge Belamant, Chairman and CEO of Net1.
- Source: Press Release
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
Net 1 UEPS Technologies, Inc. provides payment solutions and transaction processing services in South Africa. It engages in the designing, developing and marketing of secure transaction technology, solutions and services and offer transaction processing, financial and clinical risk management... More
Industry: Business Services
Country: United States
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