Mint announces further details of ePAY acquisition

A milestone

Mint’s acquisition of ePAY, a UAE mobile airtime POS eVoucher network company, was announced on May 31st and is due to close on or before 30th June (view press release). The purchase price of the deal is approximately AED 35,000,000 (USD 9,500,000) and consists of a payment of AED 19,300,000 (c. USD 5,258,855) of which AED 15,630,000 (c. USD 4,258, 885) is payable on closing and AED 3,670,000 (c. USD 1,000,000) is payable 12 months following closing, provided that the EBITDA of the business achieves an agreed performance target for the 12 month period. CAD 3,310,850 is payable by issuing 16,554,250 Mint common shares to the seller at a price of USD0.20 per share.

“This completes another milestone in the Mint growth story by adding our own Mobile Airtime top up network which, in addition to strong anticipated organic growth from ePAY’s existing network, will allow us to offer mobile airtime minutes to our cardholders more conveniently and at a lower price than they currently enjoy,” said Mint Chairman, Chris Hogg.

Based on current performance, Mint expects ePAY to immediately contribute more than USD 4,000,000 of net revenues per annum and net profit of around USD 1,500,000 per annum before any contribution from sales to Mint cardholders. 

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