The sale is subject to competition and regulatory approvals, as well as other conditions precedent, and completion is anticipated to take place on 31 March 2021.
Since its launch in 1994, Innova Capital has invested around EUR1 billion in 60 companies in 10 countries in Central and Eastern Europe.
UK’s PayPoint announced Wednesday it was selling its Romanian operations to Innova within a transaction estimated at nearly £47 million.
“We are delighted to acquire a respected market leader in the bill payments segment on the lucrative Romanian market. Supported by easy access to its terminals, effective relationships with retailers and reliable services, the company is a preferred local brand and trusted partner to utilities and service providers. PayPoint Romania is a perfect base to develop further payment related services which allow clients access to even safer, quicker and easier payments,” said Krzysztof Kulig, Senior Partner at Innova Capital.
PayPoint Romania collects over 100 million bill payments for 85% of Romanian utility and telecom providers through a wide network of retail sites.
Apart from bill-payments, it also offers mobile top-ups, money transfers and credit/debit card acceptance services.
In the financial year ended 31st March 2020 PayPoint Romania delivered gross revenue of £69.7 million and a profit before tax of £6.8 million.
There are currently over 19,000 PayPoint terminals countrywide in Romania and the company has partnered with over 170 major suppliers of telecom, utilities, transportation, security and financial services.