Seamless has snagged the Norwegian technology company MeaWallet. The purchase price amounts to approximately SEK 42,8 million and payment is made through an issue in kind of 4,574,328 new shares in Seamless. Through the acquisition Seamless controls important technology in the rapidly growing field of contactless payments.
Through the acquisition of MeaWallet, Seamless acquires important technology for the SEQR business. At the same time the acquisition opens a new business area for Seamless where the technology can be sold to institutions who want to establish themselves within the field of mobile payments.
Seamless is one of the world’s leading providers of mobile phone payment systems and handles more than 3.9 billion transactions each year via 600,000 active sales outlets. Combined with more than fifteen years’ experience and a presence in about 30 countries, this gives Seamless a strong position in the mobile phone payment market. It is the company’s unique transaction platform that makes SEQR possible.
At the same time the company has carried out a direct issue of new shares in a private placement of approximately SEK 50 million to private and institutional investors.
The purchase price amounts to SEK 42,769,965 in aggregate, and the payment will be made through the issue in kind of 4,574,328 new shares in Seamless to existing holders of shares, shareholder loans and convertible debentures in MeaWallet, where 2,637,968 shares will be paid with shares in MeaWallet and 1,936,360 shares will be paid with shareholder loans and convertible debentures.
The board of directors of Seamless has, on, pursuant to an authorization granted at the 2016 annual general meeting, resolved on the issue in kind of the consideration shares.
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