PHOTO
Dubai-listed Mashreq Bank has agreed to sell a 65% stake in NeoPay, the brand name for its subsidiary IDFAA Payments Services LLC, to Arcapita Group Holdings Limited and Turkish fintech firm Dgpays S.A.R.L.
The transaction represents an approximate enterprise value of $385 million for the subsidiary.
The bank said that it was entering into a long-term shareholder arrangement with the purchasers for the future growth of the business.
The payment system company is used by businesses to process transactions, including in point of sale (POS) terminals, eCommerce, mobile payment and other non-cash payments.
Alternative asset manager Arcapita operates in the GCC, Singapore, the UK and the USA. Turkish Dgpays, operates in the UAE, Luxemburg and the USA.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
