Notable Mergers and Acquisitions of the Day 8/28: UEPS
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS) today announced that it has acquired 80.1% of BGS Smartcard Systems AG, an Austrian private company that provides smart card-based payment systems to banks, enterprises and government authorities in Russia, Ukraine, Uzbekistan, Mongolia, Vietnam, India and Oman. BGS' system,
Dual Universal Electronic Transactions, or DUET, was developed by BGS as a derivative of the first version of Net1's UEPS technology that Net1 licensed to BGS in 1993. BGS' largest customer is Sberbank, the largest financial institution in Russia, which owns the remaining 19.9% of BGS. In the acquisition, Net1 paid the selling shareholders approximately euros 71.5 million in cash and issued certain shareholders an aggregate of 40,134 shares of Net1 common stock.
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