PayPoint updates on £83M acquisition of Appreciate Group
PayPoint plc (LON:PAY) today provided an update on the proposed acquisition of Appreciate Group.
The recommended acquisition of Appreciate Group plc, for a total consideration of £83 million, was previously announced on 7 November 2022.
FCA approval for the transaction was granted on 17 January 2023.
The proposed acquisition is subject to Appreciate Group plc shareholder approval via scheme of arrangement, with a court date scheduled for 20 January 2023. Completion is expected by the end of this financial year.
Immediately following completion of the Acquisition, existing PayPoint Shareholders will hold approximately 95% and Appreciate Group Shareholders will hold approximately 5% of the enlarged issued share capital of PayPoint.
The Appreciate Group Directors, who have been so advised by Liberum and Herax Partners as to the financial terms of the Acquisition, unanimously consider the terms of the Acquisition to be fair and reasonable.