AIB and First Data have formed a joint venture to acquire Sandyfords leading payments business Payzone from Carlyle Cardinal Ireland for €100m...
The joint venture, which is 75pc owned by AIB and 25pc owned by FDC, has bought a 95.9pc stake in Payzone, whose payments services for cash, card and card-not-present are used by consumers nationwide.
Payzone provides specialised payment services in Ireland facilitating consumer payments by cash and card for every day needs.
It services more than 300,000 registered consumers in over 7,000 retail outlets throughout Ireland and processes 125 million transactions a year.
Under the terms of the deal, Payzone will continue to be led by its chief executive Jim Deignan and its chief financial offier Nigel Bell, who will remain as shareholders in the business.
AIB said the proposed deal is consistent with its strategy to make selective investments to evolve its customer service and product proposition in its core.
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Carlyle Cardinal Ireland had bought a majority shareholding in Payzone in March 2015 and the company has grown strongly during those four years.
CCI said it worked closely with the management team to diversify the business and develop the company into a multichannel payments provider, which now employs 90 people.
Jim Deignan, CEO of Payzone, said the development is a positive step for the company and a vote of confidence in the future of the business.
"We see significant opportunity to grow our footprint in the fintech sector and this can only be enhanced further with the backing and support of our new shareholders, who bring deep industry expertise to make things happen," Mr Deignan added.
Article Published: 23/04/2019