Iyzico Teknoloji Ödeme ve Elektronik Para Hizmetleri A.S. agreed to acquire Paynet Ödeme Hizmetleri A.S. from Arena Bilgisayar Sanayi ve Ticaret A.S. for $87 million.

iyzico Teknoloji Ödeme ve Elektronik Para Hizmetleri A.S. agreed to acquire Paynet Ödeme Hizmetleri A.S. from Arena Bilgisayar Sanayi ve Ticaret A.S. (IBSE:ARENA) for $87 million on May 6, 2024. This is subject to obtaining applicable regulatory approvals and satisfaction of the customary conditions as per the agreement. In 2023, Paynet has revenue of $65.02 million and net worth of $5.78 million.

This is expected to be completed around 6 months from the date of agreement. Share transfers will be completed following the completion of the necessary legal processes, including the approvals of the Central Bank of the Republic of Turkey and the Competition Board, and the mutual fulfillment of the conditions in the purchase agreement. Odin Financial Advisors acted as the exclusive financial advisor to Paynet and Arena in this transaction.