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Wirecard acquires South African online payment service provider
Fintech Intelligence Digital Newsletter: May 2021
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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.