GSTechnologies Ltd Acquisition Updates

RNS Number : 5727V

GSTechnologies Ltd

09 July 2024

 

9 July 2024

 

GSTechnologies Limited

 

("GST" or the "Company")

 

Acquisition Updates

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce that it has entered into a conditional agreement to acquire the entire issued share capital of Bonfirepay SL ("Bonfirepay"), a company incorporated and operating under the laws of Spain.  This acquisition is expected to be a significant step in the Company's planned strategic expansion across Europe.

The acquisition of Bonfirepay is aimed at enhancing Angra Global's B2B-focused cross-border payments and currency exchange services throughout the European Economic Area (EEA).  Having a presence in Spain, through Bonfirepay, will enable Angra Global to collaborate with a broader network of European banks, non-banking financial institutions, and foreign currency providers, thereby reducing remittance costs and accelerating revenue growth.

The completion of the acquisition is conditional on the finalisation of Bonfirepay's registration as a Small Payment Institution (SPI) with the central bank of Spain.

Tone Goh, Chairman of GST, commented: "There are an estimated 24.4 million small to mid-size businesses operating across the EU.  This acquisition will enable us to expedite our mission to make cross-border payments faster, cheaper, and more transparent for millions of European businesses.  I look forward to providing further updates in due course as we continue to rapidly expand our network and fintech offerings in Europe."

EasySend Acquisition Update

The Company is also pleased to provide an update on the acquisition of 60% of the share capital of EasySend Ltd ("EasySend"), as announced on 29 November 2023.  The parties have mutually agreed to extend the period for entering into a definitive sale and purchase agreement until 30 November 2024.  This extension will allow both parties time to refine the post-acquisition integration plan to ensure the acquisition aligns with GST's strategic objectives.

As part of the preparation, the seller is working on a comprehensive business plan for Angra Global's expansion into Poland.  The Polish market represents a significant opportunity for Angra Global, and EasySend's expertise and resources are expected to play a pivotal role in this expansion.

Apart from the extension, all other terms and conditions in the option to purchase agreement, as previously announced, remain unchanged and both parties remain committed to successfully completing the acquisition.

Further announcements will be made regarding the progress of both acquisitions in due course.

Enquiries:

 

The Company

Tone Goh, Executive Chairman

[phone]

Financial Adviser

VSA Capital Limited

[phone]

Simon Barton / Thomas Jackson

 

Broker

CMC Markets

[phone]

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

[phone]

[e-mail]

 

For more information please see: https://gstechnologies.co.uk/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

ACQMZGGNVRRGDZM