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

 

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO:

Transition To Low Carbon: Mineral And Petroleum Resource Strategy

Responsibly Delivering Value – A Minerals and Petroleum Strategy for Aotearoa New Zealand: 2019-2029 has been developed to provide the direction for the sector in the transition to a low carbon and productive, sustainable and inclusive economy. More>>

ALSO:

MethaneSAT: Methane Satellite Mission Control In New Zealand

Mission Control for an international space mission to help tackle climate change will be based in New Zealand, with the Government putting $26 million towards the state-of-the-art satellite...More>>

ALSO:

Real Estate: Late Spring Surge

The continued shortage of quality real estate listings, coupled with record low mortgage interest rates have combined to add some zing to the property market over October. More>>

Wellbeing Stats: Finances Less Terrible And Less Great

According to results from the General Social Survey, the proportion of people who felt they had enough or more than enough money to meet everyday needs increased from 51 percent in 2008 to 63 percent in 2018, Stats NZ said today. More>>

ALSO: