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Network International buying DPO
Posted on Wednesday, 29 July 2020 13:46
London-listed Network International Holdings, a provider of payment products and services, has agreed terms to purchase Ireland-headquartered payment platform operator Direct Pay Online (DPO).
Under the terms of the transaction, the buyer will pay USD 288.00 million and issue stock worth USD 63.00 million in exchange for the business.
Most of the cash consideration will be financed using the proceeds of a share placing, with any small balance remaining to be funded from existing debt facilities.
Completion is slated to follow during the fourth quarter of this year, subject to the green light from regulators and antitrust authorities.
No further details have been disclosed at this time.
Simon Haslam, chief executive of the buyer, called DPO the “leading high-growth online commerce platform operating at scale across Africa”.
Network International believes the move will consolidate its existing presence in Africa, while broadening its existing offering in the region and resulting in opportunities for cross-selling.
Haslam added: "Together, we have a powerful combination to accelerate digital payments across our regions and deliver significant shareholder value."
Dublin-headquartered DPO was founded in 2006 and now employs 300 people, with a presence in 19 African countries.
The company’s technology enables businesses and individuals to make payments both on- and offline, with all currencies and payment methods.
It currently works with in excess of 100,000 merchants, including the likes of Expedia and Booking.com.
DPO is itself no stranger to the acquisition trail; according to Zephyr, the M&A database published by Bureau van Dijk, its most recent purchase completed in July 2019.
That deal saw it pay ZAR 100.00 million (USD 6.06 million) for South African peer PayFast.
Other companies targeted by the business in recent years include the likes of SetCom, Virtual Card Services and PayGate.
© Zephus Ltd