Net1 completes sale of KSNET for $237 million
March 09 2020 - 9:20AM
Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS, JSE: NT1) (“Net1” or
the “Company”) today announced that it has completed the sale of
KSNET, Inc. (“KSNET”) to Stonebridge Capital and Payletter for
approximately $237 million.
“We are pleased to have completed this
transaction, achieving a key milestone of our strategic plan. We
thank the KSNET team for its integral contributions to the group
over the past decade,” said Herman Kotzé, CEO of Net1. “The sale of
KSNET allows us to focus on our core strategy, boost liquidity, and
maximize shareholder returns.”
About Net1 (www.net1.com)
Net1 is a provider of transaction processing
services, financial inclusion products and services and secure
payment technology. Net1 operates a market-leading payment
processor in South Africa. Net1 offers debit, credit and
prepaid processing and issuing services for all major payment
networks. In South Africa, Net1 provides innovative low-cost
financial inclusion products, including banking, lending and
insurance. Net1 leverages its strategic equity investments in
Finbond and Bank Frick (both regulated banks), DNI, a leading
distributor of mobile subscriber starter packs for Cell C, a South
African mobile network operator, and Cell C, to introduce products
to new customers and geographies. Net1 has a primary listing on
NASDAQ (NasdaqGS: UEPS) and a secondary listing on the Johannesburg
Stock Exchange (JSE: NT1). Visit www.net1.com for additional
information about Net1.
Investor Relations Contact:
Dhruv Chopra Group Vice President, Investor Relations Phone: +1
917-767-6722 Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt Business Director – BCW Phone: +27-82-610-0650
Email: Bridget.vonholdt@bcw-global.com
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