Redington Completes $89.29 Million Divestment of Paynet to Iyzi Payment

Redington Limited has successfully concluded the sale of its fintech subsidiary Paynet to Iyzi Payment and Electronic Money Services Inc. The transaction, valued at $89.29 million, includes $87 million in consideration plus approximately $2.29 million in adjusted net cash. This strategic divestment, initially announced in May 2024, has now received all necessary regulatory approvals from Turkish authorities. As a result, Paynet ceases to be a subsidiary of Arena Bilgisayar Sanayi Ve Ticaret A.S, Redington's step-down subsidiary in Turkey. The move aligns with Redington's strategy to streamline its portfolio and focus on core distribution businesses.

 

Sources: Business Standard, Redington Corporate Announcement, Angel One