Net1 exercises option to acquire further 35% of Bank Frick
Net 1 UEPS Technologies, Inc. (UEPS)
Last net 1 ueps technologies, inc. earnings: 2/6 04:05 pm
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US:NASDAQ Investor Relations:
ir.net1.com
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Source: GlobeNewswire
JOHANNESBURG, South Africa, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS, JSE: NT1) (“Net1” or the “Company”) today announced that it has exercised its option to acquire an additional 35% interest in Bank Frick & Co. AG (“Bank Frick”), a fully licensed bank based in Balzers, Liechtenstein for approximately USD 46.4 million, subject to certain purchase price adjustments. The transaction is subject to approval from the Liechtenstein Financial Market Authority and is expected to close in March 2020. Following the successful completion of the additional investment, the Company will own 70% of Bank Frick with the Kuno Frick Family Foundation owning the remaining 30% interest. Net1 has been a minority investor in Bank Frick for the past two years, and has found the breadth of the bank’s established banking services, as well as the reputation the bank has established to be impressive. Going forward, as a vertically integrated banking and payments platform
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