NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition or Disposition of Assets.
On February 9, 2018, Net 1 UEPS Technologies, Inc., through its wholly owned subsidiary, Net1 Applied Technologies Netherlands B.V. (“Net1 Netherlands”), completed its acquisition of an additional 5% interest in Bank Frick & Co AG (“Bank Frick”), a fully licensed bank based in Balzers, Liechtenstein, from Kuno Frick Familienstiftung, a Liechtenstein Foundation (the “Frick Foundation”). Following the completion of this investment, Net1 Netherlands will own 35% of Bank Frick.
The purchase price was CHF 10.4 million ($11.1 million translated at the exchange rate applicable as of February 9, 2018) in cash. This investment was made to the second addendum, dated January 26, 2018, to the share purchase agreement, dated January 12, 2017, between Net1 Netherlands and the Frick Foundation. Net1 Netherlands has a two-year option to acquire an additional 35% interest in Bank Frick.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements of business acquired.
to Item 9.01(a)(4) of Form 8-K, the financial statements required by this Item, if any, with respect to the investment described in Item 2.01 herein, will be filed as soon as practicable.
(b) Pro forma financial information.
to Item 9.01(b)(2) of Form 8-K, the pro forma financial information required by this Item, if any, with respect to the investment described in Item 2.01 herein, will be filed as soon as practicable.
About NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS)
Net 1 UEPS Technologies, Inc. is a provider of payment solutions, transaction processing services and financial technology across multiple industries. The Company develops and markets a transaction processing solution that encompasses its smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. The Company operates through three segments: South African transaction processing, International transaction processing, and Financial inclusion and applied technologies. The Company also provides secure transaction technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. It offers secure online transaction processing, cryptography, mobile telephony, integrated circuit card (chip/smart card) technologies, and the design and provision of financial and value-added services to its cardholder base.