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

 

Russell McVeagh advises on sale of Paymark

Acting for the bank shareholders of Paymark (ANZ, ASB, BNZ and Westpac), the law firm is advising on its signing of a $190 million sale agreement with Ingenico Group, the global leader in seamless payment.

The sale agreement includes the extension of the service agreements currently in force between Paymark and the four leading acquiring bank-shareholders.

Leading the Russell McVeagh team working on the deal was Corporate partner Pip Greenwood and senior associate Simon Davies. Ms Greenwood said that the transaction is positive for New Zealand's growing electronic retail payments market.

"New Zealand's electronic transaction volumes are enjoying solid growth off the back of increasing adoption of contactless and near-field technology amongst other trends, and this deal will allow Paymark's transaction services to combine with Ingenico's experience throughout the payment value chain," she says.

The deal is expected to close during the second quarter of 2018 and is subject to relevant regulatory consents.

Based in Auckland and employing over 150 people in New Zealand, Paymark has been processing secure transactions on behalf of banks and acquirers for over 25 years, allowing merchants to accept a broad range of card-based payments. With over 1 billion transactions processed annually, the Paymark network is connected to all major card issuers and merchant acquirers and to more than 80,000 merchants.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO:

Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>

ALSO:

EPA: Spill Sees Abatement Notice Served For Tamarind Taranaki

The notice was issued after a “sheen” on the sea surface was reported to regulators on Thursday 21 November, approximately 400 metres from the FPSO Umuroa. A survey commissioned by Tamarind has subsequently detected damage to the flowline connecting the Umuroa to the Tui 2H well. More>>

Taskforce Report: Changes Recommended For Winter Grazing

A Taskforce has made 11 recommendations to improve animal welfare in intensive winter grazing farm systems, the Minister of Agriculture Damien O’Connor confirmed today. More>>

ALSO: