Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Sale of Paymark Limited to Ingenico Group

Sale of Paymark Limited to Ingenico Group


The shareholders of Paymark Limited (www.paymark.co.nz) announced today that they have entered into an agreement to sell the company to Ingenico Group (www.ingenico.com) for NZ$190 million.

The shareholders of Paymark are ANZ, ASB, BNZ and Westpac who each own 25% of the shares in Paymark. Paymark is a specialist electronic transaction processing company based in Auckland. Currently Paymark processes a high proportion of New Zealand’s debit and credit card transactions through its switching infrastructure. Switching is the process that connects a customer’s card used at a merchant terminal with the bank or other institution that issued them the card.

Ingenico Group is listed on the Paris Stock Exchange and has extensive operations in the payments industry across 170 countries. Ingenico’s payment terminals are widely used in New Zealand.

The sale agreement between the shareholding banks and Ingenico will remain conditional on receiving Commerce Commission and Overseas Investment Office approvals.

The shareholders said they believed Ingenico would be a very good owner for Paymark as it is a specialist in the payments business internationally and will be able to bring a high degree of technical skill and innovation to what is becoming an increasingly complex and creative industry.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: