Net1 completes $264M acquisition of Connect Group; appoints Connect CEO to board

LESAKA TECHNOLOGIES INC

Acquisition of Connect Group closed on April 14, 2022 for ZAR 3.8 billion (~$264 million).
Funded by ZAR 2.1B cash, ZAR 1.4B net debt facilities, and ZAR 350M deferred equity (3.2M shares over 3 years).
Connect Group serves ~44,000 MSMEs in South Africa; acquisition described as transformational for Net1.
Steven J. Heilbron, CEO of Connect Group, appointed to Net1 board, effective April 14, 2022.

item 2.01 item 5.02 item 9.01

Executive movements

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Appointed

Steven J. Heilbron

director

LSAK · LESAKA TECHNOLOGIES INC

Effective: 2022-04-14
Filed: April 20, 2022, 7:59 PM ET

Net1's board of directors (the " Board "), appointed Mr. Steven J. Heilbron, Connect Group's Chief Executive Officer, as a director of the Company, effective April 14, 2022

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Steven J. Heilbron was appointed as director at LESAKA TECHNOLOGIES INC.

Action: appointed
Role: director

Exact text from the filing

Net1's board of directors (the " Board "), appointed Mr. Steven J. Heilbron, Connect Group's Chief Executive Officer, as a director of the Company, effective April 14, 2022

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LESAKA TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001062993-22-010500

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