Lesaka Technologies to Acquire South Africa's Recharger for $28.1 Million

MT Newswires Live11-20

Lesaka Technologies (LSAK) said late Tuesday it agreed to acquire Recharger, a South African prepaid electricity sub-metering and payments business, for 507 million rand ($28.1 million) in a cash-and-stock deal.

The purchase price will be paid in two installments. The first installment will be settled at closing, and the second will be paid a year later. The payment will include 332 million rand in cash and 175 million rand in Lesaka common stock, according to the company.

The company said it will make a contribution of 43 million rand to Recharger at closing, to be used exclusively to repay a loan due by Recharger to the seller.

Lesaka expects the deal to close in its fiscal Q3.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment