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Bank Audi to sell e-payment, card services biz to M1 Group unit

Beirut, Lebanon-based Bank Audi SAL agreed to sell its electronic payment and card services business to M1 Group subsidiary M1 Financial Technologies (Holding) SAL.

M1 Financial Technologies will purchase all shares of Areeba sal, to which Bank Audi transferred its electronic payment and card services operations. The agreed purchase price is $185 million, subject to adjustment, plus up to $35 million in contingent deferred consideration.

Completion of the transaction is subject to the Banque du Liban's final approval and consent to the change of control of Areeba from the relevant scheme providers, which include Mastercard Inc. and Visa Inc. Bank Audi will continue to perform all customer-facing functions following completion.