Net1 takes full ownership of Transact24, discloses buybacks

|About: Net 1 UEPS Technologies, Inc. (UEPS)|By:, SA News Editor

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