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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.
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