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.