Net1 signs R3.7bn deal to buy payments group Connect
The acquisition gives the financial services and technology group a foothold among informal-sector traders
02 November 2021 - 08:08
UPDATED 02 November 2021 - 11:34
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 into 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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.