Altech has bought the 50% (less one share) of NuPay that it doesn’t already own in a deal valued at R80m, the technology company owned said on Tuesday. The Altron-owned company bought its initial controlling stake in NuPay in 2009.
NuPay forms part of the Card Solutions division of Altech, which is to be integrated with the Bytes Secure Transaction Solutions business, within the Altron TMT subgroup of Altron.
Altech CEO Craig Venter said in a statement that NuPay has produced “good growth and excellent results” since Altech took a controlling interest in it five years ago.
NuPay developed an electronic payment solution that facilitates deferred payments by swiping customer debit cards at a point of sale, essentially providing binding and automated authenticated debit transaction services.
This development was the basis on which NuPay’s current authenticated early debit order system was developed.
NuPay has since expanded its product range and specialises in solutions for payment and collection through a number of products and services that focus on the collection of transactions from multiple sources.
The offer price for the NuPay stake will be settled at Altech’s election in cash or via the issue of Altron participating preference shares, which will be placed on behalf of Itas Services to generate the cash equivalent of the purchase consideration.
The settlement of the purchase consideration is not expected to have a significant effect on Altron’s earnings, headline earnings, adjusted headline earnings or net asset value per share. — (c) 2014 NewsCentral Media
