Net1 to sell KSNET for $237 million
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, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS, JSE: NT1) (“Net1” or the “Company”) today announced that it has agreed to sell 100% of KSNET, Inc. (“KSNET”), a leading Republic of Korea (“South Korea”) payment processor, to Stonebridge Capital and Payletter for approximately $237 million. The transaction, which is not subject to a financing condition, is expected to close in March 2020. “KSNET is a profitable and cash generative business, but operates autonomously and in a more developed economy with limited overlap with the group’s other activities. We also believe that the intrinsic value of KSNET was not appropriately reflected in Net1’s overall valuation. Therefore our Board commenced a strategic review of our various businesses and investments late last year, and ultimately decided to sell KSNET in order to focus more on our core strategy, boost liquidity and to maximize shareholder returns. We believe Stonebridge Capi
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