REG - GSTechnologies Ltd - Proposed Acquisition of EasySend Ltd

GSTechnologiesAnnouncement

29/11/2023 07:00

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RNS Number : 9591U  GSTechnologies Ltd  29 November 2023

29 November 2023

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Proposed Acquisition of EasySend Ltd

 

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce
that the Company has entered into an option to purchase agreement to acquire
60% of the share capital of EasySend Ltd ("EasySend"), a Northern Ireland
incorporated company operating a cross-border payments business (the
"Acquisition").

EasySend is a Financial Conduct Authority ("FCA") approved Authorised Payment
Institution ("API"), conducting cross-border payment services.  EasySend has
a current estimated yearly transaction volume of approximately €120 million,
with 35% coming from approximately 40,000 individual customers and 65% from
approximately 350 active corporate customers.  GST believes the acquisition
of a majority stake in EasySend would assist with growing the customer base
for the Company's existing GS Money activities, in particular Angra Global,
and provide access to additional technology, including EasySend's mobile
terminal technology.  It is intended that EasySend's founder and management
team will remain with the business and that the 40% minority holding will be
retained by EasySend's founder.

For more information on EasySend please see:
https://www.easysend.pl/en/about-us (https://www.easysend.pl/en/about-us)

Completion of the Acquisition is conditional, inter alia, on final due
diligence, the entering into of definitive sale and purchase documentation and
also on GST obtaining approval from the FCA for the change of control of
EasySend, a regulated entity.  Further announcements will be made on the
progress of the Acquisition in due course.

Tone Goh, Chairman of GST, Chairman of GST, commented: "We are very pleased to
have reached an agreement with EasySend to acquire a majority stake in the
business.  Subject to the completion of our remaining due diligence, and the
receipt of FCA approval, this acquisition will provide additional customers
and technology to assist with the growth of our Angra Global business.  We
continue to rapidly progress the role out of our GS Money offerings and I look
forward to providing further updates in due course."

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

 

Enquiries:

The Company

Tone Goh, Executive Chairman

+65 6444 2988

 

Financial Adviser

VSA Capital Limited

+44 (0)20 3005 5000

Simon Barton / Thomas Jackson

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630

gst@investor-focus.co.uk

 

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