Lesaka acquires Adumo for ZAR 1.59B ($85.9M) in stock and cash; expands fintech platform

LESAKA TECHNOLOGIES INC

Purchase consideration: 17,279,803 Lesaka shares (~$4.25/share implied) plus ZAR 232M ($12.5M) cash.
Expected close in Q3 2024, subject to shareholder and regulatory approvals in South Africa and Namibia.
Adumo adds ~23,000 active merchants, 245,000 card holders, and ZAR 24B ($1.3B) annual throughput.
New shareholders include Apis Growth Fund I and African Rainbow Capital; Adumo CEO Paul Kent joins Lesaka exec team.
Transaction represents 11%-16% premium to VWAP; funded by internal cash and external financing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LESAKA TECHNOLOGIES INC entered into Sale Agreement with Adumo (RF) Proprietary Limited valued at ZAR 1.59 billion ($85.9 million) (effective 2024-05-07).

Action: entry
Agreement: asset purchase
Counterparty: Adumo (RF) Proprietary Limited
Value: ZAR 1.59 billion ($85.9 million)
Effective: 2024-05-07

Exact text from the filing

On May 7, 2024, Lesaka Technologies, Inc. ("Lesaka"), entered into a Sale and Purchase Agreement (the "Sale Agreement") with Lesaka Technologies Proprietary Limited ("Lesaka SA"), and the Sellers (as defined in the Sale Agreement).

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LESAKA TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001062993-24-009516

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