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Net Element inks letter of intent to buy majority interest in PayStar, Nexcharge

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Net Element inks letter of intent to buy majority interest in PayStar, Nexcharge

Net ElementInc. has signed a letter of intent to acquire a majority interestin PayStar and Nexcharge Inc.

Per terms of the deal, Net Element, PayStar and Nexcharge willcreate one or multiple entities into which PayStar and Nexcharge willcontribute their assets. Net Element will own 51% interest in the newly createdentities and will have the option to acquire the remaining 49% during the 12months from the closing of the transaction.

According to an SEC filing, Net Element will contribute upto $3.4 million to the new entities as consideration for 51% of its class Astock.

The deal's closing is subject to completion of due diligenceand other conditions.

PayStar is a remittance and e-wallet platform for emergingmarkets, while Nexcharge is a provider of a proprietary payment processing,fraud management and merchant management platform.