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Net1 to buy additional 35% stake in Bank Frick for $46M

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.