Net1 Provides Connect Group Transaction Update – Closing Now Expected in April 2022
31 Marzo 2022 - 10:05PM
Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS; JSE: NT1) (“Net1” or
the “Company”) today announced that further conditions to the
transaction for the acquisition of 100% of the shares and claims in
the Connect Group in South Africa have been fulfilled.
Recently Fulfilled Conditions to the
Transaction
Further to the announcement released by Net1 on
March 10, 2022, in respect of the acquisition of the Connect Group,
Net1 confirms that the following conditions precedent to the
transaction have been fulfilled:
- The counterparties to the
designated agreements have consented to the change of control over
the companies in the Connect Group that will result from the
implementation of the acquisition of the Connect Group.
- Net1 has confirmed that the
conditions contained in the facility agreements (“Facility
Agreements”) for the funding of a portion of the
consideration for the acquisition of the Connect Group which are
under Net1's sole control, have been fulfilled.
Outstanding Condition
Net1's confirmation that the Facility Agreements
have become unconditional in accordance with their terms, is the
final outstanding condition precedent to the transaction. Net1
intends to issue such confirmation upon finalization of the South
African exchange control authorizations for relevant selling
shareholders of the Connect Group. Following that, the parties will
move to close the transaction.
Net1 and the sellers of the Connect Group remain
committed to closing the transaction, which is now expected to be
in April 2022.
About the Connect Group
Founded in 2006, the Connect Group is a
profitable, high-growth and leading provider of financial
technology solutions to nearly 44,000 micro, small and medium
enterprises (“MSMEs”) in Southern Africa. The group includes
established and highly respected brands such as Kazang, Cash
Connect, Capital Connect and Kazang Connect. Visit
www.connected.co.za for additional information about the Connect
Group.
About Net1
Net1 is a leading financial technology company
that utilizes its proprietary banking and payment technology to
deliver on its mission of financial inclusion through the
distribution of low-cost financial and value-added services to
underserved consumers and merchants in Southern Africa. Net1 also
provides transaction processing services, including being a payment
processor and bill payment platform in South Africa. Net1 leverages
its strategic investments to further expand its product offerings
or to enter new markets.
Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Forward-Looking Statements
This announcement contains forward-looking
statements that involve known and unknown risks and uncertainties.
A discussion of various factors that may cause actual results,
levels of activity, performance or achievements to differ
materially from those expressed in such forward-looking statements
are included in our filings with the Securities and Exchange
Commission. With respect to our proposed acquisition of the Connect
Group, additional factors that could cause actual results to differ
materially from those indicated or implied by the forward-looking
statements include, among others: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the share purchase agreement relating to the
proposed acquisition; (2) the ability to satisfy all conditions to
completion of the proposed acquisition, including any conditions
imposed by regulatory agencies (3) unexpected costs, charges or
expenses resulting from the transaction; (4) the disruption of
management’s attention from our ongoing business operations due to
the proposed acquisition; (5) changes in the financial condition of
the markets that the Connect Group serves; (6) risks associated
with the Connect Group’s product and service offerings or its
results of operation including reduced cash settlements through
Connect Group’s vault infrastructure or higher cash losses, lower
than expected growth in Connect Group’s value added services, lower
than expected levels of loan advances or higher credit losses and
slower than expected growth in card transactions; (7) the
challenges, risks and costs involved with integrating the
operations of Connect Group with ours; and (8) our ability to
realize the anticipated benefits of the proposed acquisition. The
Company undertakes no obligation to revise any of these statements
to reflect future events.
Investor Relations
Contact:ICREmail: net1IR@icrinc.com
Media Relations Contact:Bridget
von HoldtCo-Market Leader | MD – BCWPhone: +27-82-610-0650Email:
bridget.vonholdt@bcw-global.com
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