Mexico-based QPAGOS said it entered into a stock purchase agreement with Vivi Holdings Inc. for the sale of U.S.-based subsidiary Qpagos Corporation.
The sale consideration consists of 2,250,000 common shares of Vivi Holdings. Under the agreement, Vivi Holdings will give QPAGOS piggyback registration rights for 1,000,000 of its common shares.
The deal is subject to customary conditions.
Qpagos Corporation operates QPAGOS' business activities in Mexico and is the 99.9% owner of Mexican companies Q-Pagos SAPI de CV and Redpag Electrónicos SAPI de CV. QPAGOS operates as a physical and virtual payment service provider.
Meanwhile, QPAGOS said it will keep its U.S. operations in Calabasas, Calif.
Additionally, QPAGOS appointed William Corbett as CEO and director, replacing Gaston Pereira. Corbett is currently CEO of DPW Holdings Inc.-owned lending company DPL.