Lesaka completes acquisition of Adumo

Lesaka Technologies announced it has completed its acquisition of Adumo. The transaction was settled through the issuance of 17,279,803 shares of Lesaka’s common stock and a cash payment $13.4M, implying a total purchase consideration of $96.2M using Lesaka’s October 1, closing price on the Johannesburg Stock Exchange of ZAR 83.05 per share. All amounts in this release have been translated to U.S. dollars at the October 1, closing exchange rate of $1: ZAR 17.34. The acquisition of Adumo, South Africa’s largest independent payments processor with over 20 years’ experience in payment solutions, reinforces Lesaka’s position as natural consolidator of Southern African fintech. In fulfilment of one of the conditions of the transaction, Lesaka has agreed to purchase 2,601,410 shares of its common stock, through a wholly owned subsidiary, for $12.0M, to provide cash liquidity to a group of indirect Adumo shareholders who were unable to receive Lesaka shares under their investment mandates. The purchase is expected to complete in early October.