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LAST UPDATE: 14.24
JPMorgan announced on Tuesday that it had agreed to acquire a 49% stake in Viva Wallet, with the agreement subject to regulatory approval.
The financial terms of the deal were not disclosed, but knowledgeable sources told Reuters that Viva Wallet was valued at more than $ 2 billion.
JPMorgan’s investment will exceed $ 1.15 billion, including a capital increase in Viva Wallet, which will not weaken its majority shareholder, to 51.5%, sources said.
“We are very excited to make a strategic investment in Viva Wallet to support its vision to boost new growth and innovation in payments for European small and medium-sized enterprises,” said Takis Georgakopoulos, Head of Global Payments at JPMorgan.
He added that the European payment sector is large in terms of opportunities, with more than 17 million merchants ready to implement fast-growing payment systems.
The stake will be acquired by minority shareholders in Viva Wallet, including the Latsis interest fund, which owns about 13% of the company, and the British fund Hedosophia, which owns about 24%.
“Viva Wallet’s mission is to change the way businesses pay and are paid in Europe through cutting-edge technology,” said CEO Haris Karonis, co-founder of Viva Wallet.
Jefferies was Viva Wallet’s sole financial advisor for the deal, while Davis Polk & Wardwell LLP was the legal advisor.
Source From: Capital
