Redington Limited Announces Divestment of Turkey-Based Subsidiary, Paynet

On May 7, 2024, Redington Limited informed the stock exchanges that the company’s step-down subsidiary Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey (Arena ), signed a definitive agreement with Iyzi Payment and Electronic Money Services Inc, Turkey (Iyzico). The agreement is to sell 100% of the equity held by Arena in its wholly-owned subsidiary, Paynet Ödeme Hizmetler A.Ş (Paynet).

As a result, Paynet Ödeme Hizmetler A.Ş will no longer operate as a subsidiary of Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey. The agreement was executed on May 6, 2024.

The date of completion of the sale is expected to be around six months from the date of the Agreement. The company stated that this divestment is subject to obtaining necessary regulatory approvals, as applicable, including approvals from the Central Bank of the Republic of Turkey and the Turkish Competition Authority, and also subject to mutual fulfilment of the conditions as per the Agreement.

The expected consideration from the sale/disposal is USD 87.00 million, along with net cash, subject to customary adjustments, of approximately USD 5.00 million.

Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey, is a listed company in Istanbul, Turkey. Paynet Ödeme Hizmetler A.Ş is involved in the fintech payments business. In the period ended March 31, 2024, Paynet reported a revenue of USD $65.02 million and a net worth of USD $5.78 million.

Iyzi Payment and Electronic Money Services Inc. is a financial technology company based out of Turkey.

About Redington Limited

Redington Limited is an integrated technology solutions provider. It is a Fortune 500 company that assists businesses in their digital transformation journey. They have presence across 38 markets through 60 subsidiary offices, 43,000 channel partners and more than 300 brand associations. Redington Ltd offers seamless and end-to-end distribution for all industries, such as telecom, IT/ITeS, lifestyle, etc., in India, South Asia, Singapore, Turkey, Africa and the Middle East.

On May 7, 2024, the share price of Redington Ltd opened at ₹212.00, touching the day’s high at ₹213.60, as of 10:18 AM on the NSE.

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