After almost six months from the announcement of the signing of the deal between Innova Capital (as buyer) and PayPoint PLC, the acquisition process of PayPoint Services SRL și Payzone SA was successfully closed.
RTPR and Deloitte assisted in the deal.
The RTPR team has provided assistance to Innova Capital in relation to all aspects related to M&A, competition and financing of the deal, with a value of approximately GBP 48 million, including in relation to the refinancing of the existing debt of the target. The banks who extended the financing to the buyer were European Bank for Reconstruction and Development and UniCredit Bank S.A., with UniCredit Bank S.A., acting as agent and security agent. The M&A team that advised on the closing of the transaction was made of Alina Stavaru (Partner), Codrina Simionescu and Petru Ursache (Associates). The financing team included Alexandru Retevoescu (Partner), Andreea Burtoiu (Counsel), Lia Ilie (Associate) and Iustina Nastasa (Junior Associate). The competition aspects of the transaction were covered by Valentin Berea (Partner) and Roxana Ionescu (Counsel).
Alina Stavaru declared: “We are happy to have successfully closed this complex deal, congratulations and thanks to Innova Capital team for their trust. It was an endurance project, in which the key to success was our multidisciplinary team whom I would like to thank for their valuable contribution.”
“The financing part played an important role in the successful closing of this transaction, we are pleased to have identified the most suitable solutions.”, declared Andreea Burtoiu.
Deloitte Romania assisted the Poland-headquartered private equity firm Innova Capital in the acquisition of PayPoint Romania from the British group PayPoint, transaction which was completed on April 8, 2021. The 50 million euros agreement was signed in October 2020 and was subject to competition and regulatory approvals, as well as to other precedent conditions.
PayPoint Romania reported gross assets of £48.5 million as of the end of March 2020. Through its over 19,000 terminals countrywide and its partnerships with over 170 major suppliers of telecom, utilities, transportation, security and financial services, the company collects over 100 million bill payments for 85% of the Romanian utility and telecom providers. PayPoint Romania also offers mobile top-ups, money transfers and credit/debit card acceptance services.
“Our experience from investments in consumer payments, POS management and the financial services sector will be put to good use securing further growth and developing new products and services for PayPoint Romania. We look forward to working with its management, creating new and innovative projects, and strengthening its position on the local market. We’re grateful to Deloitte for their expert support in the acquisition process,” stated Krzysztof Kulig, Senior Partner at Innova Capital.
Deloitte provided financial, tax and IT due diligence, as well as transaction support services in the process. The project team was made of Radu Dumitrescu, Financial Advisory Partner-in-charge, Vlad Balan, Deputy Director, Ionut Vasilescu, Manager, Dan Badin, Tax Partner, Ioana Nastase, Tax Senior Manager, Iulia Antonie, Risk Advisory Senior Manager, Deloitte Romania.
“This transaction is an important step for Innova Capital in its strategy to grow and diversify its portfolio in our country. It is also an important signal for the overall Romanian economy, as it shows this key investor’s confidence in the potential of the local market to generate value for the medium term. It is also worth mentioning that the entire process started and was finalized during a period impacted by the global pandemic,” stated Radu Dumitrescu, Financial Advisory Partner-in-charge, Deloitte Romania.
Innova Capital has been present in Romania since 1998 and its current portfolio includes Energobit, Optiplaza, Optical Network and, following this acquisition, Paypoint Romania.