The country's biggest electronics payments network will be sold to a French company.
Photo: 123RF
Paymark, which is owned by our four big retail banks ANZ, ASB, BNZ and Westpac, has been sold to the Paris-based Ingenico Group for $190 million.
Ingenico already supplies terminals to the New Zealand market and operates payment systems in 170 countries.
The banks had been reviewing their ownership of Paymark over the past year after receiving offers to buy it.
They said Ingenico will be a good owner because it's a specialist in the payments business with technical skill and innovation.
Paymark has more than 140,000 terminals around the country and last year processed sales worth more than $60 billion.
Based in Auckland, Paymark employs 150 people. Its workers will continue providing services to the four banks, and 80,000 businesses.
Ingenico, which is listed on the Paris Stock Exchange, said Paymark gives it a strong springboard into the Pacific region.
Ingenico Group was advised by FNZC, Credit Suisse, Allens, Chapman Tripp and Deloitte.
The sale needs approval from the Commerce Commission and Overseas Investment Office and is expected to take place in the second quarter of 2018.
