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PayPoint acquires Romanian money transfer company

PayPoint Plc acquired the entire share capital of Romania-based Payzone SA for an initial consideration of €1.6 million in cash.

The transaction also includes €500,000 in deferred consideration, depending on the collection of specific debts over a two-year period following completion of the deal. PayPoint will combine Payzone with its existing Romanian retail network.

Payzone offers prepaid mobile top-ups, prepaid vouchers, bill payment collection services and international money transfer services. It had gross assets of €9.1 million as of June 30 and reported first-half pretax profit of approximately €100,000.