A top-tier New Zealand firm is acting as a French electronic-payments giant has agreed to buy a company in the country.
Russell McVeagh is acting for the Australia and New Zealand Banking Group, the ASB Bank, the Bank of New Zealand, and the Westpac Banking Corporation, which are the bank shareholders of Paymark. Paymark will be acquired by the France-headquartered Ingenico Group in a $190m deal.
The deal, which is expected to close in the second quarter of the year, subject to regulatory approvals, includes the extension of the service agreements currently in force between Paymark and the bank shareholders.
Corporate partner Pip Greenwood and senior associate Simon Davies are leading the Russell McVeagh team.
Paymark is the leading company in New Zealand’s electronic-payments industry. It processes more than 1 billion transactions every year, and its network is connected to all major card issuers and merchant acquirers, as well as to more than 80,000 merchants.
Ingenico is out to consolidate its industry. Last year, it bought rival Bambora, a Sweden-based payments company, for €1.5bn.
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