Vernon David & Associates advised PayPoint Plc. and their lead lawyers from UK, Mills & Reeve LLP, on the sale of their Romanian business (consisting of two companies, PayPoint Services SRL and PayZone SA; market leaders in the bill payment industry) to Innova Capital.
The cash consideration is expected to be approximately 47 million GBP based on current exchange rates on a debt free cash free basis, subject to a net working capital adjustment on completion. PayPoint has been operating in Romania since 2007, where it has partnered with local retailers through approximately 19,000 sites to enable people to make cash bill payments, money transfers, road tax payments and mobile phone top-ups.
The sale is subject to competition and regulatory approvals, as well as other conditions precedent, with completion being anticipated to take place on 31 March 2021.
The team at Vernon David was coordinated by Maria Nica, the M&A Partner, and included Mihai Stan (senior associate) and Emanuela Culea (associate).