Takeovers and Buyouts
The latest deal news from across the alternative investment space.
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Barclays Plc (LON: BARC) is considering selling a stake in its UK payments processing unit, aiming to find a strategic partner to help expand the business and potentially raise capital. The size of the stake to be sold is yet to be determined. This business segment could be valued at around £2 billion ($2.5 billion) based on estimated earnings.
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FinTech: Trustly Acquires SlimPay To Provide A Pan-European Recurring Payments Service
Trustly, a global payment method, is partnering with SlimPay, a European leader in recurring payments, to enhance the world of recurring payments in Europe and the UK. This collaboration will combine SlimPay’s platform with Trustly’s proprietary technology to create a new and exceptional payment experience in the region.
FinTech: Rapyd To Pay $610M For Large Chunk Of Prosus’ Payments Business
Fintech-as-a-Service provider Rapyd has acquired PayU Global Payment Organisation (GPO) from Prosus for $610 million excluding its India, Turkey, and Southeast Asia operations. PayU GPO offers payment solutions in emerging markets across more than 30 countries.
Fintech: FIS Inks Deal To Sell Worldpay To GTCR At A Valuation Of $18.5 Billion
Financial services technology leader FIS has pushed ahead with its separation plan to create two distinct global companies for increased strategic flexibility and a reduction in debt. The company has entered into a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR. The transaction values Worldpay at $18.5 billion, including $1 billion contingent on certain returns achieved by GTCR.
FinTech: Visa Pays $1B To Acquire Brazilian Payments Fintech Pismo
Visa (NYSE: V) has announced its definitive agreement to purchase Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash. This acquisition will enable Visa to enhance its services for financial institutions and fintech clients by offering more innovative core banking and issuer solutions to its customers.
FinTech: Robinhood Snaps Up X1, Eyeing An Entry Into The Credit Card Business
Robinhood Markets, Inc. (NASDAQ: HOOD) has announced its acquisition of X1 Inc., a San Francisco-based platform that offers a no-fee credit card with rewards on purchases. The acquisition is a significant step towards expanding Robinhood’s product offerings and strengthening its relationship with existing customers.
FinTech: Middle-Eastern Payments Provider NymCard Acquires BNPL Fintech Spotii
NymCard, a payments infrastructure provider in the MENA region, has acquired Spotii, a prominent Buy Now Pay Later (BNPL) fintech operating in key markets. This acquisition allows NymCard to offer its clients a customizable BNPL product tailored to their specific needs and local markets, democratizing BNPL services in the region.
Venture Capital: Aster’s New Fund Acquires Portfolio Sold By Totalenergies Ventures
Aster, a venture capital firm based in Paris, has completed its first private equity secondary market transaction. The company acquired a portfolio of minority stakes in about twenty companies from TotalEnergies Ventures, the CVC arm of TotalEnergies. This acquisition strengthens Aster’s position in the Climate Tech innovation financing market and demonstrates its international experience and expertise in technologies contributing to carbon neutrality.
FinTech: UK Digital Bank Tandem Acquires Money Sharing App Loop
Tandem Bank is working towards becoming the UK’s leading digital and sustainable bank with the acquisition of Loop, a fast-growing money sharing app. Loop offers a platform for borrowing and lending money among friends and family, allowing users to avoid expensive bank overdraft charges. With approximately £12.5 billion being shared informally each year in the UK, and £10 billion of overdrafts outstanding, Loop’s platform has the potential to revolutionize the way people manage their finances.
FinTech: SoFi Acquires Wyndham Mortgage In All-Cash Transaction
SoFi Technologies, a digital financial services company, has announced its acquisition of Wyndham Capital Mortgage, a fintech mortgage lender, in an all-cash deal. Although the deal is not expected to significantly impact SoFi’s 2023 results, it is expected to be accretive within six months.
FinTech: Brazilian Fintech Pismo In Play, Mastercard, Visa Likely Suitors
Mastercard (NYSE: MA) and Visa (NYSE: V), two of the largest payment processing companies in the world, are reportedly in negotiations to purchase Brazilian fintech firm Pismo. The company provides cloud-based payment and banking platforms and is currently valued at around $1 billion. According to sources familiar with the matter, Pismo is working with Goldman Sachs (NYSE: GS) on a sale, and the interested parties include a bank and private equity funds.
Artificial Intelligence: Accenture Snaps Up India-Headquartered Industrial AI Firm Flutura
Accenture (NYSE: ACN), a global professional services company, has announced its acquisition of Flutura, an industrial artificial intelligence (AI) company based in Bangalore, India. Flutura specializes in industrial data science services for manufacturers and other capital-intensive organizations.
FinTech: CoreLogic Acquires Digital Mortgage Platform Roostify
CoreLogic (NYSE: CLGX), a property information and analytics provider, has acquired digital mortgage platform Roostify for an undisclosed amount. The integration of Roostify’s digital lending platform with CoreLogic’s data and analytics suite will allow lenders to access important data on borrowers and properties early in the lending process, resulting in a faster and more efficient customer experience with lower underwriting expenses.
FinTech: Italian Paytech Nexi Buys 80% Of Banco Sabadell’s Merchant Acquiring Business For €280M
Italian paytech company Nexi (BIT: NEXI) has acquired an 80% stake in the merchant acquiring business of Banco Sabadell (BME: SAB), the second-largest merchant acquirer in Spain, for €280 million. The transaction reflects an Enterprise Value of 350 €M for 100%. The business is expected to generate an EBITDA of around 30 €M based on 2023 figures, resulting in an implied EV/EBITDA 2023E of ~11.5x.
FinTech: NatWest Group Acquires Cushon, A UK Savings FinTech
NatWest Group (LON: NWG) plans to acquire a majority shareholding of 85% in Cushon, a workplace savings and pensions fintech, for £144 million (US$175 million), with the remaining 15% retained by Cushon management.
Artificial Intelligence: Dealmaking – Volvo Invests In Waabi; Bayer Acquires Blackford
Volvo eyes Waabi’s autonomous trucking technology. Bayer acquires AI Imaging solutions firm Blackford Analysis. Here are two deals recently entered in the AI space.
FinTech: Canadian Fintech Nuvei To Buy Payments Provider Paya For $1.3B
Canadian business payments technology provider Nuvei Corporation (NASDAQ: NVEI) has agreed to acquire Paya Holdings (NASDAQ: PAYA), a provider of integrated payment and commerce solutions in the U.S., for about $1.3 billion in an all-cash transaction.
Venture Capital: Getir Buys Gorillas For $1.2B
In a sign of the consolidation sweeping across the rapid delivery sector, Istanbul-based online grocery start-up Getir has acquired German competitor Gorillas in a deal valuing the latter at $1.2 billion. Both participants in the deal managed to weather the tech meltdown that decimated valuations at many smaller grocery apps and led to their closure. Combined, the group is valued at $10 billion.
Digital Assets: Digital Platform Bakkt Acquires Apex Crypto For $200M
Digital asset platform Bakkt Holdings (NYSE: BKKT) has acquired Apex Crypto, a turnkey platform for crypto trading, for a maximum purchase price of $200 million. Of this, Bakkt will initially pay $55 million in cash upon the closing, and another $45 million in its stock subject to the achievement of certain financial targets by Apex in the fourth quarter of 2022. Depending upon the achievement of another set of financial targets by 2025, Bakkt may pay an additional $100 million in its stock and seller notes.
FinTech: Cannabis Cloud Commerce Platform Treez Acquires Payments Processor Swifter
Treez, an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market, has acquired Swifter, a YC startup from India that builds ACH APIs for cannabis merchants in the US. Swifter calls itself the “Stripe for Cannabis.” Treez said in a statement that Swifter was an attractive investment given its multi-location operating retail cannabis clients and Y Combinator background.
Artificial Intelligence: Google Acquired Alter, An AI Avatar Startup, Two Months Ago
The fact of the Alter acquisition was not made public. TechCrunch reported Thursday that Google (NASDAQ: GOOGL) had made a hush-hush acquisition of Alter, an AI avatar startup that helps developers put avatars into games and apps. The transaction, estimated at $100 million, occurred a couple of months ago but was disclosed only now to…
FinTech: BNP Paribas Acquires Kantox, A Currency Risk Management Fintech
BNP Paribas (EPA: BNP) announced Tuesday its agreement to acquire Kantox, a leading fintech for automation of currency risk management. Kantox software offers a e-stop-shop, API driven, plug-and-play solution which has emerged as an innovative technology within the B2B cross-border payments sector. Corporates can set up advanced level, automated hedging strategies.
Venture Capital: Massive Payday For Figma Founders As Adobe Makes $20B Offer For The Design Startup
Adobe, (NASDAQ: ADBE) announced it will pay about $ 20 billion in cash and stock to acquire Figma, a collaborative design start-up that was valued at $ 10 billion in its last funding round in 2021. Figma creates cloud-based design software that is a competitor to Adobe’s XD program. The payment consideration of $ 20 billion comprises approximately half cash and half stock subject to usual adjustments.
FinTech: JPMorgan Acquires Payments Fintech Renovite
J.P. Morgan (NYSE: JPM) has taken another step towards further enhancing its payments technology and to build out its next-generation merchant acquiring platform. The banking giant announced the acquisition of Renovite, a payments fintech offering a high-tech suite of payment solutions, for an undisclosed amount.
FinTech: Jupiter Fund Management Looking To Offload Its 10% Stake In Profitable Digital Bank Starling
UK-based Jupiter Fund Management has reportedly asked Citi to find a potential buyer for its 10% holding in Starling Bank, one of the first challenger banks and fintech to become profitable. The stake, said to be worth more than £ 200 million, is held by Jupiter in its UK Mid Cap Fund, as well as other funds.