Mint Corp. said it has terminated a previously announced deal for a finance company licensed by the Central Bank of the United Arab Emirates.
Mint had signed a term sheet in February to acquire the finance company for $27.3 million. It later said in September that the date fixed for completion of the transaction had passed, and certain conditions to closing had not been met at the time.
The company is now looking to buy an alternative finance company, with unit Hafed Holding LLC engaged in preliminary talks with the unnamed finance company, which is also licensed by the UAE Central Bank.
Mint's units offer payroll cards to unbanked employees in the UAE. The company plans to launch a lending program for these cardholders for which it needs to make an arrangement with a licensed finance firm, either through merger, joint venture or partnership or a service arrangement.
The purchase will depend on Hafed entering into an agreement.