PayPoint sells online payment businesses to Capita for £14M

Payment solutions provider Paypoint plc (LON:PAY) today announces the sale of its Online Payment businesses comprising and Metacharge to Capita for a cash consideration of £14 million ($20.5 million).

PayPoint first unveiled its plans to dispose of its Mobile and Online businesses when it presented its full year results in May 2015. The company explained back then that the sale would be done so that the company could focus on multi-channel payments where it has retail networks.

Dominic Taylor, PayPoint’s Chief Executive, said,

“In line with our strategy, we are pleased to have agreed the sale of our Online Payment businesses. We announced our intention to sell our Mobile and Online businesses at our full year results last May, in order to focus on multi-channel payments where we have retail networks, to concentrate on our best prospects for future growth. We believe that Capita is a good owner to take these businesses forward and I would like to thank the management and employees for their contribution to PayPoint and wish them well for the future. We will update on the sale of the Mobile Payments business in due course.”

Deloitte LLP is the corporate finance adviser and Mills & Reeve LLP is the legal adviser to PayPoint on the sale.

You can view the full announcement on the deal by clicking here.

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