German payment services company Wirecard AG (ETR:WDI) said on Thursday it had reached a deal to acquire Indonesian peer PT Prima Vista Solusi, or PrimaVista, for a maximum of EUR44.4m (USD54.5m) in cash.
The takeover is part of Wirecard’s expansion in Asia, its chief executive Markus Braun said. Under the terms of the deal, the German company will pay about EUR39.7m in cash and may also provide an earn-out of around EUR4.7m, dependent on the target’s operating profit between 2012 and 2014.
The transaction is scheduled for completion in the fourth quarter of 2012 once it gets the required approvals in Indonesia and is seen to add some EUR4m to the buyer’s consolidated EBITDA in fiscal 2013.
Jakarta-based PrimaVista, which was set up in 2002, is engaged in providing payment and technology services to financial institutions and retailers in Indonesia. The company has around 250 employees and over 130,000 deployed terminals. PrimaVista’s founder and main shareholder will keep his position in the management team of the company. The two firms have been partnering since the beginning of this year.
Earlier this week, Wirecard announced it had recorded consolidated revenues of EUR177.9m during the year’s first half and of EUR94.3m in the second quarter alone.