HiPay Group: proposed sale of the HiPay Mobile business unit - Shareholder's Genral Meeting 28 July 2017 to approve sale
Proposed Sale of the HiPay Mobile business unit
Shareholders' General Meeting 28 July 2017 To Approve Sale
Paris, 19 June 2017 at 5:45 pm: HiPay Group (Code ISIN FR0012821916 - HIPAY), the Fintech company specialized in payments, today announced a general meeting for shareholder approval of the proposed sale of its micropayment business, HiPay Mobile.
Following the strategy of refocusing on its payment activity, an orientation approved at the end of 2015, HiPay Group initiated the process of divesting under the best possible conditions it's historical carrier billing activity that operated under the brand HiPay Mobile.
At the end of this process, HiPay Group received two offers, including one from Gibmedia, a major French player in micropayment, owned by BJ Invest, a key shareholder of HiPay Group. The offer made by Gibmedia proved to be the best bid, both for the price offered by Gibmedia (6 million euros, cash-free/debt-free, including 3 million euros of earn-out) and as to the structure of the operation (complete acquisition of the entire business unit including all its employees). The proposed price is also consistent with the findings of a report by Jacquillat & Détroyat Associés, the independent expert appointed by HiPay Group to determine the valuation of the HiPay Mobile business.
Under these circumstances, the Board of Directors of HiPay Group welcomed the offer made by Gibmedia, which it considered to be in line with the best interests of HiPay Group, its shareholders and the employees of the HiPay Mobile business line. In accordance with the
recommendations of AMF Doc n ° 2015-05 regarding the sale and acquisition of significant assets, HiPay Group decided to submit this offer to the HiPay Group General Shareholders Meeting for approval which will be convened 28 July 2017.
The implementation of this project will enable HiPay Group to devote itself to the development of its payment business, both in terms of human resources and for its future investments.
The payment activity, with its market and the strengthening position of HiPay, has significant potential for growth whereby HiPay will become a pure-player in this market.
Next financial communication: 27 July 2017 - 2017 First Half-Year Results.
About HiPay Group
We're a global payment provider processing more than 2bn € annually across 150 countries and 220 payment types. By harnessing data analytics, we help deliver valuable customer insights that enable our clients' businesses to succeed.
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This press release does not constitute an offer to sell or a solicitation of an offer to buy HiPay Group shares. If you wish to obtain more information about HiPay Group, please refer to our website hipay.com, under the Investors heading. This press release may contain some forward-looking statements. Although HiPay Group considers that these statements are based on reasonable statements on the publication date of this release, they are by their very nature subject to risks and uncertainties that could cause the actual results to differ from those indicated or projected in these statements. HiPay Group operates in a continually changing environment and new risks could potentially emerge. HiPay Group assumes no obligation to update these forward-looking statements, whether to reflect new information, future events or other circumstances.