Today Transaction Capital advised its shareholders that all conditions precedent to its sale of Paycorp Holdings (Pty) Ltd to global private equity firm, Actis, have been fulfilled and/or waived and that the transfer of ownership has been concluded.
The transaction was announced in August this year and sees Actis becoming the majority shareholder of Paycorp, one of South Africa's leading independent payments groups. Paycorp founder and CEO, Steven Kark and his executive team, are co-investors. The deal includes the entire issued share capital of Paycorp and its subsidiaries: ATM Solutions, DrawCard and EFTPOS. ATM Solutions owns and operates almost 5 000 ATMs across southern Africa, DrawCard is an award-winning deployer of Visa-certified card programmes, and EFTPOS provides merchant debit and credit card acceptance solutions.
This is Actis's fifth investment in the payments industry in three years.
Commenting on the conclusion of the transaction Kark said: "Now that we are officially part of the Actis portfolio, we're looking forward to leveraging off their insight and expertise in growing businesses in emerging markets and expanding our footprint even further afield. With the backing of Actis, we are confident that Paycorp will maintain its leadership position in the market and its strong relationships with our clients and banking partners."
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