11/29/2018 | News release | Distributed by Public on 11/28/2018 19:48
29 November 2018
The Overseas Investment Office (OIO) has given approval for the sale of electronic transaction service Paymark Ltd to a French company, Ingenico Group SA.
Paymark is currently owned by the ANZ, ASB, BNZ and Westpac banks, and provides electronic payment infrastructure and services, such as EFTPOS.
Ingenico, which is listed on the Euronext Paris exchange, is a global payment systems operator. It has been around for 35 years, providing similar services to Paymark's.
The Commerce Commission announced on 2 November 2018 that it had cleared Ingenico to acquire 100% of Paymark's shares.
OIO consent was also required because the purchase price, at $190 million, topped the $100 million threshold for overseas investments in business assets. Ingenico had to satisfy the OIO that its directors have relevant business experience and are of good character, and the company could show a financial commitment to the investment.