By Chris Wack
Paysafe Ltd. said it is buying online payment company SafetyPay for $441 million in an all-cash transaction.
Paysafe said the deal will strengthen its strategic foothold in Latin America. SafetyPay has a presence in 11 Latin American countries, with additional coverage in Europe.
Upon completion of the transaction, the SafetyPay team will become part of Paysafe's expanding eCash and online banking solutions' team. SafetyPay's chief executive, Gustavo Ruiz Moya, will become CEO of eCash for Latin America and Global Head of Open Banking.
The transaction is expected to close in the fourth quarter of 2021. Paysafe's banks have provided financing commitments and Paysafe intends to refinance these bridge facilities with new debt contemporaneously with the completion of the acquisition.
Paysafe shares were up 5% to $10.70 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
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August 16, 2021 at 05:54PM
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