Wirecard AG acquired all the shares of South Africa-based online payment company MyGate Communications (Pty).

The purchase price is €23.1 million, consisting of an upfront payment of €18.2 million plus up to €4.9 million in deferred consideration. Wirecard noted that MyGate is expected to generate EBITDA of €2.0 million for 2017.

Wirecard added that the transaction quickens the German company's expansion into Africa's international markets.