Lesaka’s R1.6-billion buyout of payments platform Adumo has been given the green light by regulators.
R1.6-billion proposed acquisition of payments platform Adumo has been given the green light by the Competition Commission.
Nasdaq- and JSE-listed fintech group Lesaka announced in May that it was buying Adumo RF for R1.6-billion in cash and equity in the form of new shares in Lesaka common stock. The cash component of the deal is in the region of R232-miullion, funded by internal cash resources and external financing. The Competition Commission on Thursday said it had recommended that the Competition Tribunal approve the transaction without any conditions.Adumo’s ultimate shareholders include Apis Growth Fund I , African Rainbow Capital , the International Finance Corp and Adumo management.serves 23 000 active merchants. Its primary operations include card acquiring, integrated payments and reconciliation services, processing some R24-billion in throughput per year.
Its corporate card services cover over 245 000 cardholders supporting payroll, incentives, rewards and expense management. Adumo ISV, also known as GAAP, is a large point-of-sale and software-as-a-service solutions provider to the hospitality sector in Southern Africa.“The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.
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