Listed French payments group Ingenico has acquired Kiwi payment network Paymark for $190 million.
The deal was struck on January 17 between Ingenico and Paymark’s shareholders, which are ANZ, ASB, BNZ and Westpac. It includes the extension of the current service agreement between Paymark and the four banks.
Paymark currently services all major card issuers and over 140,000 Eftpos terminals via more than 80,000 merchants. Three quarters of all transactions in New Zealand are processed by Paymark’s core switch.
Ingenico currently supplies payments terminals to the New Zealand market. It’s headquartered in Paris and employs around 7,500 people.
The sale will mean Paymark can access Ingenico’s resources to offer a more complete suite of services, Ingenico says.
“By combining its historical terminals assets with Paymark and [online payments company] Bambora in the Pacific region, Ingenico will be well positioned to create great value for New Zealand retailers and financial institutions with a complete omnichannel offering including POS and terminal management, in-store and online processing capabilities and valued-added services such as analytics and loyalty.”
Patrice Le Marre, Banks and Acquirers Business Unit EVP of Ingenico Group said in a statement that Ingenico would continue to invest in Paymark.
Dominic White, VP Pacific Region for Ingenico Group commented further: “Building on the recent acquisition of Bambora, Ingenico will now be able to expand its offering in New Zealand, delivering services and solutions in all areas of payments for small and large businesses and financial institutions alike.”
The deal is expected to close during the second quarter of this year, subject to regulatory consents.