9th Jul 2024 14:28
(Alliance News) - GSTechnologies Ltd on Tuesday announced plans for an additional acquisition to improve its European cross-border payment offerings.
The Perth, Australia-based fintech company said it will purchase the entirety of the Spanish payment solutions firm Bonfirepay SL.
It is hoped the acquisition will bolster business-to-business cross-border payments and currency exchange services of GST subsidiary Angra Global throughout the European Economic Area.
GST Chair Tone Goh said: "There are an estimated 24.4 million small to mid-size businesses operating across the EU. This acquisition will enable us to expedite our mission to make cross-border payments faster, cheaper, and more transparent for millions of European businesses. I look forward to providing further updates in due course as we continue to rapidly expand our network and fintech offerings in Europe."
The completion of the acquisition is conditional on the finalisation of Bonfirepay's registration as a Small Payment Institution with the central bank of Spain.
In addition, GST announced that the deadline for a definitive sale and purchase agreement relating to its acquisition of 60% of EasySend Ltd has been extended until November 30.
EasySend is a Belfast-based cross-border payments business.
The decision to delay the deadline was made so that all relevant parties can "refine the post-acquisition integration plan to ensure the acquisition aligns with GST's strategic objectives".
GST shares were down 4.8% to 0.66 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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