PayPoint announced the sale of its Online Payment businesses
PayPoint has issued a press release to announce the sale of its Online Payment businesses comprising PayPoint.net and Metacharge to Capita, for a consideration of £14 million satisfied in cash at completion today.
Dominic Taylor, PayPoint’s Chief Executive, said: “In line with our strategy, we are pleased to have agreed the sale of our Online Payment businesses. We announced our intention to sell our Mobile and Online businesses at our full year results last May, in order to focus on multi-channel payments where we have retail networks, to concentrate on our best prospects for future growth. We believe that Capita is a good owner to take these businesses forward and I would like to thank the management and employees for their contribution to PayPoint and wish them well for the future. We will update on the sale of the Mobile Payments business in due course.”
Deloitte LLP acted as corporate finance adviser and Mills & Reeve LLP as legal adviser to PayPoint on the sale.
Source: PayPoint – Announcement of sale of Online Payment businesses
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