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Auckland, January 21, 2018
Law firm Russell McVeagh has announced the sale of Paymark, a leading New Zealand payment network to Ingenico Group, a global leader in seamless payment.
The deal, valued at $190 million, is expected to close during the second quarter of 2018 and is subject to relevant regulatory consents.
Four leading banks – ANZ, ASB, BNZ and Westpac – are shareholders of Paymark.
The sale agreement includes extension of the service agreements currently in force between Paymark and the four leading, acquiring bank-shareholders.
Russell McVeagh Corporate Partner Pip Greenwood and Senior Associate Simon Davies led their firm’s team to complete the sale and purchase agreement.
Positive for New Zealand
Ms Greenwood said that the transaction is positive for New Zealand’s growing electronic retail payments market.
“New Zealand’s electronic transaction volumes are enjoying solid growth off the back of increasing adoption of contactless and near-field technology amongst other trends, and this deal will allow Paymark’s transaction services to combine with Ingenico’s experience throughout the payment value chain,” she said.
Great Addition
Ingenico Group Executive Vice-President (Banks & Acquirers Business Unit) said that the acquisition represents a great addition to his Company’s portfolio and is fully aligned with the Group’s strategy to provide payment solutions and services across all channels.
“It is a strong springboard to deploy that strategy in the Pacific region. We will continue to invest in Paymark to keep providing the best payment solutions to serve our customers including ANZ, ASB, BNZ and Westpac, with whom we have built strong relationships in the region,” he said.
Expanding Services
Ingenico’s Vice-President (Pacific Region) Dominic White said that building on the recent acquisition of Bambora, his Company will now be able to expand its offering in New Zealand.
“We will be delivering services and solutions in all areas of payments for small and large businesses and financial institutions alike. I am looking forward to welcoming Paymark’s team to Ingenico Group,” Mr White added.
About Paymark
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 payments.
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.
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