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Ingenico Group To Buy Paymark For NZ$190 Mln

Ingenico Group (INGIF.PK) said that it signed an agreement to acquire Paymark, a leading New Zealand payment network, for a global consideration of NZ$190 million.

Closing is expected to occur during the second quarter of 2018. The transaction is subject to relevant regulatory consents. Paymark will be integrated within the Banks & Acquirers business unit.

Based in Auckland and employing over 150 people in New Zealand, Paymark has been processing secure transactions on behalf of banks and acquirers for over 25 years, allowing merchants to accept a broad range of card-based payment. With over 1 billion transactions processed annually, the Paymark network is connected to all major card issuers and merchant acquirers and to more than 80,000 merchants.

The sale agreement, signed between Ingenico Group and the shareholders of Paymark (ANZ, ASB, BNZ and Westpac), includes the extension of the service agreement currently in force between Paymark and the four leading acquiring banks.

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