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FT Partners Advises Net1 on its Sale of KSNET for $237,000,000

Overview of Transaction

  • On January 27, 2020, Net1 (Nasdaq: UEPS), a South-African focused provider of transaction processing services, announced its sale of 100% of KSNET to Stonebridge Capital and Payletter for a total consideration of $237 million
  • Headquartered in Seoul, South Korea, KSNET’s core operations comprise of four product offerings, namely Card Value-Added Network, or “Card VAN”, Payment Gateway, Banking VAN, and Lending
  • KSNET is able to realize significant synergies across these core operations as it is the only full-service payments provider in the country offering all these products

Significance of Transaction

  • As the intrinsic value of KSNET was not appropriately reflected in Net1’s overall valuation, the sale of KSNET represents a major milestone for Net1 to further focus on its core FinTech strategy in Africa, Europe and emerging markets, while boosting liquidity and maximizing shareholder returns

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Net1 in a landmark sale of 100% of KSNET to Stonebridge and Payletter for $237 million
  • This transaction highlights FT Partners’ expertise in Asia, a burgeoning market for FinTech, while also building on its successful track record serving clients in Africa, having recently advised Interswitch in Nigeria and Fawry in Egypt