Net 1 UEPS Technologies Inc. exercised its option to buy an additional 35% stake in Bank Frick & Co. AG for about $46.4 million.
Net 1 will own 70% of the Liechtenstein-based bank following the deal, while the Kuno Frick Family Foundation will own the remaining 30%. The deal is expected to close in March 2020.
Net 1 has been a minority investor in Bank Frick, which provides cryptocurrency and blockchain services, for the past two years, according to a news release.
