Afterpay Limited acquires Pagantis
Afterpay Limited (Afterpay or the Company) is pleased to announce that its wholly owned subsidiary, Clearpay (Europe) Limited (Clearpay EU), has entered into a Share Purchase Agreement (Agreement) with NBQ Corporate SLU (NBQ) to acquire 100% of the shares outstanding in Pagantis SAU and PMT Technology SLU (collectively, Pagantis).
Afterpay is expediting its expansion into new markets to capitalise on strong consumer and merchant demand and to increase its global footprint. Afterpay has identified the European Union (EU) as the next logical step for international expansion due to its large millennial population, vast fashion and beauty retail markets, and significant debit card usage.
Afterpay has entered into an agreement to acquire Pagantis. Pagantis currently provides a range of buy now, pay later and traditional credit services across Spain, France and Italy with regulatory approval to also operate in Portugal. The addressable ecommerce market in these 4 countries exceeds €150bln.
“Acquiring Pagantis provides us with the necessary regulatory licencing, resourcing and infrastructure to expedite the launch of Afterpay into key countries in Southern Europe and beyond, ” as stated by CEO and Managing Director Anthony Eisen. “The new markets we will be entering will provide our global retailers with the opportunity to offer Afterpay in more regions and for us to provide a whole new customer base with access to our differentiated and customer centric model.”
Completion of the acquisition is expected to occur in or before December 2020, subject to Bank of Spain regulatory approval to the proposed change of control.