W.A.G payment solutions plc (LSE:WPS) exercised its call option to acquire an additional 18.01% stake in JITpay GmbH from founders, management and Volksbank eG Braunschweig Wolfsburg for ?25.7 million on July 4, 2023. The consideration of ?25.7 million, of which ?6.5 million will be used as primary capital. For the 12 months ended December 31, 2022, JITPay had net interest income of ?1.7million and gross assets of ?29.4 million. The remaining 72% stake will continue to be held by existing shareholders. There are Call and Put arrangements in place that give Eurowag the option to acquire the remaining 72% stake of JITpay's share capital from 2025 onwards. The purchase of the additional 18.01% stake in JITpay will be funded from existing funds and the transaction is subject to customary closing conditions, including clearance by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), and is expected to complete in the first half of 2024.
W.A.G payment solutions plc (LSE:WPS) cancelled the acquisition of additional 18.01% stake in JITpay GmbH from founders, management and Volksbank eG Braunschweig Wolfsburg on February 20, 2024.