Lesaka to acquire digital bank Bank Zero for up to ZAR 1.09B; sellers get ~12% stake

LESAKA TECHNOLOGIES INC

Acquisition consideration: up to ZAR 1,091M ($61.4M) in Lesaka shares (~12% stake) and up to ZAR 91M cash.
Bank Zero had >ZAR 400M deposits and 40k funded accounts as of April 2025; expected to be profitable in FY post-close.
Transaction expected to reduce Lesaka's gross debt by >ZAR 1B via deposit-funded lending and improved balance sheet.
Michael Jordaan (Bank Zero Chairman) to join Lesaka board; Yatin Narsai to remain CEO of Bank Zero.
Closing conditions include Prudential Authority, Competition Commission, and Exchange Control approvals; long-stop date Aug 6, 2026.

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