(Alliance News) - Network International Holdings PLC on Thursday said it had revised the terms of its proposed acquisition of African fintech group DPO Group.
Payments solutions provider Network said that DPO's co-founders will now receive approximately 50% of their consideration in Network shares, worth USD33 million, with a 12-18 month lockup period.
Network noted that the total transaction consideration for DPO and overall mix of cash and shares remains unchanged. The FTSE 250-listed company will pay a total consideration of USD288 million, with USD63 million being satisfied via the issue of new shares at 410.0p each.
It expects completion of the acquisition during the second quarter of 2021, subject to regulatory approvals.
Network added that DPO traded strongly through 2020, and this momentum has continued into the new year.
Shares in Network were down 1.0% at 439.50 pence in London on Thursday
By Will Paige; willpaige@alliancenews.com
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Network International (NETW)