Net1 UEPS Technologies sells payment processor unit for $237m
DURBAN –
Net1 UEPS Technologies has agreed to sell its South Korea payment processor unit, KSNET, to Stonebridge Capital and Payletter for $237 million (R3.44 billion) as the financial services group focuses on its core fintech strategy, boosts liquidity and maximises shareholder.
Net1 UEPS Technologies has agreed to sell its South Korea payment processor unit, KSNET, to Stonebridge Capital and Payletter for $237 million (R3.44 billion) as the financial services group focuses on its core fintech strategy, boosts liquidity and maximises shareholder.
Net1 chief executive Herman Kotzé on Monday said,”This transaction marks a significant milestone in our strategic plan, and allows management to further focus on its core strategy of providing fintech solutions for the underbanked in South Africa, Africa, Europe and other emerging economies as well as our new blockchain related products.”
Net1 has its primary listing on the US Nasdaq Stock Exchange and is also listed on the JSE.
Source: iol.co.za
