SafeCharge has introduced that it’s extending its buying settlement with Nayax, an Israeli know-how firm specializing in offering bank card cost programs for merchandising machines, to the top of 2024.
With the funding in Nayax, the London-based cost supplier is strategizing to win Tier 1 clients inside new goal verticals and markets.
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The AIM-listed firm first made a $6 million funding on Nayax in December 2016 in trade of four p.c of the corporate’s share capital. The agency gained $2.6 million from that preliminary funding as in December 2017, the funding was valued at $8.6 million.
A Highly Profitable Deal
In February this yr, SafeCharge additional elevated its stake on the Israeli cost firm by $18.5 million which put the entire funding at 24.5 million. With this extra funding, the corporate gained management of 11 p.c of Nayax share whole capital. The London-headquartered agency gained considerably with the funding as, in final December, the cumulative funding was valued at $27.1 million.
According to the sooner deal, SafeCharge agreed with Nayax’s founding shareholders that they may purchase again its shareholding in Nayax by the top of 2022, which is now prolonged to 2024. That was carried out for a consideration equal to the agency’s cumulative funding of $24.5 million plus 9% curiosity per yr, calculated from 15 Feb 2018 till cost is obtained.
Put and Call Options Available
The announcement additional acknowledged that the funding deal additional included the grant of a put and name choice between the events concerned. However, it is going to be excersible from 15 Feb 2020 as much as 36 months submit. The buy worth of the put choice could be at a price equal to the funding quantity plus 9% curiosity per yr, and the acquisition worth of the decision choice could be at a price of twice the funding quantity.
Earlier this month, the London-listed agency has appointed the founder and the former-CEO of FINTECH Circle Susanne Chishti as a non-executive director to its board of administrators.