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PayPoint sells mobile payments biz to Volkswagen Financial Services

PayPoint Plc on Dec. 23 sold its mobile payments business to Volkswagen Financial Services AG for £26.5 million in cash.

The business comprised PayByPhone Technologies Inc., PayByPhone Ltd., Mobile Payment Services SAS and Adaptis Solutions Ltd. The mobile payments business, which was performing "better than expected," was sold in line with PayPoint's strategy of focusing on multi-channel payments in territories where it has retail networks, the company noted Dec. 23.

The sale marks the completion of PayPoint's restructuring.

PayPoint will pay a dividend of 38.9 pence per share of the gross sale proceeds on Jan. 11, 2017, to shareholders on the register on Jan. 6, 2017.

Deloitte LLP acted as corporate finance adviser to PayPoint and Mills & Reeve LLP served as legal adviser.