28th May 2015 06:57
LONDON (Alliance News) - Optimal Payments PLC on Thursday said it has struck a deal to acquire Montreal, Canada-based mobile platform developer FANS Entertainment Inc for CAD16 million, to be paid for via the indirect issuance of Optimal Payments shares.
Optimal Payments will issue 3.2 million shares in the unnamed subsidiary to FANS, with the shares exchangeable on a one-for-one basis to shares in Optimal Payments over three years, with some subject to satisfying certain financial targets.
Optimal Payments has 436.1 million shares in issue currently.
Optimal Payments said the deal strengthens its mobile payments capabilities and provides an entry-point into the events market.
"We have been looking for an acquisition to enhance mobile expertise such as the FANS Platform that complements our existing services for some time, and to find the ideal technology and team here on our doorstep in Montreal is fantastic. Through FANS, Optimal Payments will be able to offer innovative value-added mobile payment services globally to customers and merchants in all of our vertical markets," said Joel Leonoff, Optimal Payments' president and chief executive officer.
By Sam Unsted; [email protected]; @SamUAtAlliance
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