Acquisition gives financial services and technology group foothold among informal sector traders
Financial services and technology group Net1 has inked a R3.7bn deal to acquire payments platform Connect Group, adding a base of more than 40,000 merchants and expanding its footprint in SA’s informal sector.
The JSE and Nasdaq listed group, which has a market value of R4.7bn, said another benefit would be the merging of skilled teams with complementary expertise. The deal, expected to be concluded by the end of March 2022, would also fill gaps in Net1’s product offering to customers it says are underserved by SA’s traditional banking system...
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