Aug. 7 (Bloomberg) -- Actis LLP, a private-equity firm, agreed to acquire Transaction Capital Ltd.’s Paycorp Holdings Pty as it expands in southern Africa’s financial-services industry.
The transaction is valued at 937 million rand ($94.7 million), Johannesburg-based Transaction Capital said today in a statement. The acquisition is Actis’ fifth in the payments industry in three years, according to a separate statement.
Paycorp, bought by Transaction Capital in 2006, owns and operates 5,000 automated teller machines in southern Africa and also offers card services. Clients include Standard Bank Group Ltd. and Barclays Africa Group Ltd. While Actis will be majority shareholder, Paycorp founder and CEO Steven Kark and a team of executives will be co-investors, according to the statement.
“Paycorp provides broader access to transactional services for the under-banked population and we look forward to extending that even further with the business,” Natalie Kolbe, a Johannesburg-based partner for Actis, said in a statement.
Actis, with funds of $5.2 billion under management, invests in emerging markets. It has a growing portfolio in Asia, Africa and Latin America, according to the statement.
To contact the reporter on this story: Kamlesh Bhuckory in Johannesburg at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Thiel at email@example.com