Lesaka Technologies announced that its wholly-owned subsidiary, Lesaka Technologies Proprietary Limited, has entered into an agreement to acquire 100% of the issued ordinary shares of Bank Zero Mutual Bank.
The acquisition consideration will be settled through a combination of newly issued shares, with Bank Zero shareholders owning approximately 12% of Lesaka Platinum (LSP) fully diluted shares upon completion.
Additionally, the deal includes up to ZAR 91 million ($5.1 million) in cash.
Lesaka Holdings Limited (LSK) expects the transaction to be accretive to its shareholders.
Bank Zero is anticipated to be profitable in the fiscal year following the transaction’s completion.
The company stock opened the day at $4.15 and fluctuated between $3.98 and $4.15 during regular trading hours. It closed the regular session at $4.11 with a trading volume of 32,000 shares.
